BTC fell marginally to the start of this weekend as cryptocurrency prices consolidated after recent gains. Following Friday’s surges in bitcoin’s price, both ETH (and bitcoin) were slightly lower as the bulls seemed to have liquidated their positions in order for them to take profits.
Bitcoin
Bitcoin was trading lower to start the weekend, as markets consolidated following Friday’s surge in price.
Following a peak of $21,138.24 in yesterday’s session, BTC/USD slipped to an intraday low of $20,518.90 earlier today.
This drop comes as yesterday’s momentum slightly eased, and bears reentered the market close to a key point of uncertainty.
The resistance level in the chart was at $21,100, which is often a place where bears circulate.
They chose to attack this time, forcing other bulls to withdraw from their positions. Others are likely to be waiting until the right moment to reenter.
The 14-day RSI also reaches a limit at 48. However, if price strength moves beyond that, we may see a continuation in upwards momentum.
Ethereum
ETH also suffered a similar fate, with prices slightly higher on Saturday following a Friday rally.
Yesterday saw the world’s second-largest token hit an intraday high of $1,275.78 as prices rose by almost 12% during the day.
Today, this momentum is somewhat waning, as prices hit a low point of $1195.61, to begin the weekend.
Some bulls abandoned positions on Friday after briefly bouncing past $1,270 resistance. They chose to profit instead.
Prices are trading marginally higher than $1,200 as of this writing. This is good news for anyone looking to invest in longer-term positions.
At 49.27 the Relative Strength Index, its highest point since April, is currently being tracked. It would have to grow further, however, if the prices rise.
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What will happen to ETH/BTC as they trend down for the rest of this weekend? Please leave your comments.
Credits for the imageShutterstock. Pixabay. Wiki Commons
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