Following a move below $19,000 on Thursday, BTC was able to rise above $20,000 during today’s trading session. ETH also was able to remain above $1,000, following an attempt by bears to push price under this level during yesterday’s session.
Bitcoin
Bitcoin trades marginally higher after Friday’s bearish session.
Despite a heightened level of volatility, the world’s largest crypto token climbed to an intraday peak of $20,632.67 earlier today.
BTC/USD has fallen below $18,729.66 in less than 24 hours, putting it under its long-term floor at $18,800.
Over the past three week, at most three breakout attempts have occurred from this point. But bulls have generally managed to stop these attempts.
The chart’s RSI indicator shows strength below the support level of 30. But, bulls must reenter this level if a real rebound is to be possible..
Prices have since declined after earlier gains, and as of writing, bitcoin is trading at $19,194.26, which is marginally higher than yesterday’s low.
Ethereum
Following a fall to an 11-day low on Thursday, ETH was also higher in today’s session as prices continued to stay above $1,000.
Ethereum bears wanted to trade below this level yesterday but the bulls stopped this, at least for now.
As of writing, ETH/USD has so far risen to an intraday peak of $1,100.22 in today’s session, following a drop to $1,009.09 on Thursday.
Yesterday’s drop came as relative strength in ETH fell below a recent support of 35.85, falling to as low as 32.
Since then, the RSI dropped and prices are now consolidating close to a $1,050 floor.
We traded around the support level last week, and prices rallied for 4 consecutive sessions.
Is it possible for bulls to continue their run after the latest drop in ETH’s price? Comment below to share your views.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.