Bitcoin was closer to its destination Long-term support of $18,800 was set to begin the weekend. However, prices for cryptocurrencies fell once more. While bitcoin has now fallen for seven straight sessions, ethereum also saw similar declines, and as of writing is down 2.40% from yesterday’s high.
Bitcoin
The world’s largest cryptocurrency by market capitalization bitcoin (BTC) was once again in the red on Saturday, as prices edged closer to a key support level.
BTC/USD rose to $19,590.12 after Friday’s high. It fell to $19,027.08 intraday to begin the weekend.
Bitcoin is now slightly higher than its support level at $18,800 which it reached earlier in the week.
Three recent breakouts below this level have proven to be largely false. Bears might attempt an extended drop over the next few days.
If we experience a drop below that point, $17,500 will be likely to become the price target of those who are shorting the token.
To get to that level, relative strength must move below its floor. The 27.5 support level of the RSI indicator would be a point of reference.
Ethereum
Ethereum (ETH) bear’s were also pressuring prices to start the weekend, as the token continued to hover slightly above the $1,000 level.
As this writing, the ETH/USD rate has fallen to $1,033.96, marginally below its $1.050 ceiling.
If bearish pressure continues this weekend, the next target will undoubtedly be below $1,000.
Bears will prefer the $885 support level as an exit point. However, the 14 day RSI must break below 29.5 to be considered.
ETH’s value has fallen more than 2/3 since the start of April. However, it is possible that the declines are not over.
Do you expect any more significant drops in bitcoin’s and ethereum’s price this month? Please leave your comments.
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