Following yesterday’s drop in price, bitcoin stabilized during Thursday’s session, as prices hovered marginally below $21,000. Bulls are attempting to take BTC back towards this resistance level, which was broken as a result of Wednesday’s sell-off.
Bitcoin
BTC traded at a marginally lower level than $21,000 Thursday as the prices rebounded slightly from declines during the hump day.
Following Wednesday’s low of $19,848.08, BTC/USD rose to an intraday high of $20,835.75, earlier in today’s session.
This is a bullish move that comes just as the resistance at $21,100 has been held for the past week.
The 14-day RSI moved above its resistance level, increasing the chance of a break.
The chart shows that the ceiling of 30.50 was broken after nearly ten days.
Next visible resistance is the 36.60 level. BTC might trade at $22,000 above the current relative strength level if this happens.
Ethereum
ETH was also back in the green on Thursday, after appearing to overcome Wednesday’s hump of uncertainty.
Prices of the world’s second largest crypto token rose to an intraday peak of $1,119.61, which comes less than a day after nearly dropping back below $1,000.
As a result of today’s rebound in price, bulls will likely attempt to maintain this momentum, with some eyeing a key resistance point.
The ceiling at $1,190 is what could stop ETH moving to $1,200.
The overall momentum is bullish with the Relative Strength Index at its highest point in nearly two weeks.
The index currently tracks at 32.85.
Is bullish sentiment expected to rise as we approach the weekend? Comment below to share your views.
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