On Saturday, after moving above $20,000 Friday, bitcoin fell back to the red as prices dropped close to a critical support level. This move has resulted in bitcoin remaining largely unchanged over the past week. The token’s price rose 0.87% during the last seven days. Ethereum also started the weekend lower.
Bitcoin (BTC – Bitcoin) dropped below $20,000 in the first weekend of February, after bearish sentiment returned to power following Friday’s brief rally.
BTC surged after the September University of Michigan Consumer Sentiment Report was released. It showed an improvement over the previous month. The peak of $21,109.85
On Saturday however, the token fell to $19 238.12 intraday, below the floor of $19 300.
The chart shows that the relative strength index (RSI), 14-day, continues to fall from 49.00.
At the time of writing, the index was tracking at 45.45. That is near another support point in the 44.00 region.
If the floor holds, it is possible that bitcoin bulls will take price to $20,000 and possibly even higher.
Ethereum (ETH) was also trading low to start the weekend, as bullish sentiment from yesterday’s Consumer Sentiment data swiftly wore off.
Since hitting a peak of $1,368.74 during yesterday’s session, ETH/USD fell to a low of $1,320.38 earlier in the day.
As of a result of this sell-off, the world’s second largest cryptocurrency dropped below its support point of $1,330.
The token currently trades at $1,325.36, and bulls are trying to move above that point of resistance.
Like with bitcoin, ethereum’s 14-day RSI is also consolidating, and is hovering below a ceiling of 41.00 as of writing.
However, the red 10-day moving average appears to be poised for a bounce. This will most likely occur only once the ceiling on RSI is broken.
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Is ethereum likely to break free from this point in the coming weekend? Please leave your comments.
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