As crypto markets continue to enjoy recent gains, Bitcoin and Ethereum began trading on the weekend close to resistance levels. Overall, the global cryptocurrency market cap was marginally higher on Saturday, as traders prepared for this weekend’s session.
Bitcoin
BTC currently trades at 6% above the opening of the week. The reason for this is that prices have rallied to multiple-week highs.
BTC/USD was marginally lower than its resistance level of $45,050 on Saturday. However, prices rose to an intraday peak of $44,999.49.
Following four consecutive days of gains, today’s consolidation sees bulls identifying the current area of uncertainty, and wondering whether to sustain pressure or secure earlier gains.
Since December 29, 2018, when BTC prices fell from an earlier high of $52,198, BTC hasn’t traded over the resistance level.
The chart shows that the 14-day RSI indicator is slightly above its resistance at 62.10. This could be a positive sign for bulls.
The price strength, however, is not yet at the ceiling. This indicates that the market is uncertain.
Traders are expected to remain patient while they wait to confirm any new positions.
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Ethereum
ETH was marginally lower than Friday’s peak of $3,183.96, with the world’s second-largest cryptocurrency trading 0.43% lower as of writing.
Following its breakout of the $3,180 resistance level during yesterday’s session, ETH/USD today fell to a low of $3,087.49.
The intraday low was temporary. Prices are now above $3,120, and appear to be consolidating under the ceiling.
The price strength of ethereum has been deeply overbought. Since November 10, the 14-day RSI indicator is at its highest since November 10.
While bulls still have to target $3,310 resistance which was in place since February 10, bears seem more likely to wait for an indication that it is time to move on.
Do you think there is enough momentum in ETH for further gains this weekend. Please leave your comments.
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