As markets appear to be ignoring recent volatility, Bitcoin and Ethereum were both up to the start of this weekend. BTC temporarily passed $40,000, and ETH is moving towards $2,000.
Bitcoin
Bitcoin trading is up close to 1% to the start of Saturday as cryptocurrency markets rise by more than 33%.
This comes following a low of $38,416.53 yesterday, with BTC/USD hitting an intraday high of $40,005.35 earlier in today’s session.
Saturday’s move sees BTC break beyond the key $40,000 level, however the move did not last, as profit takers likely closed their positions due to the current market risk.
It can be seen that the 14 day RSI hovers just above 44 and is now approaching 45.
BTC trades now below the resistance level of $39,500 as momentum continues from the 10-day moving Average.
Bulls could be looking to exit at $41,500 if price strength remains above resistance.
Ethereum
Additionally, the price of Ethereum was higher at the start of this weekend. Markets are nearing $2,900 long-term resistance.
As of writing, ETH/USD is trading 2.16% higher, after rising to a peak of $2,835.66, following Friday’s intraday low of $2,664.45.
Like BTC, when prices approached resistance, there was a selloff. This likely occurred because profit-takers were liquidating their positions.
Ethereum traded at $2,760 after the ceiling fell. Some traders are now targeting $2,550 as the floor.
The downtrend momentum in the 10-day moving average (red), is likely to be one indicator that will keep traders in ETH bearish.
Is it possible that this level will be attained by Sunday? Comment below to share your views.
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