Bitcoin

Bitcoin and ethereum were both higher to start the weekend, as markets seem to have discounted recent volatility. BTC momentarily passed the $40,000 level, with ETH moving towards $2,800.

Bitcoin

As of writing, cryptocurrency markets are up by over 3% on Saturday, with bitcoin trading close to 1% higher to start the weekend.

This comes following a low of $38,416.53 yesterday, with BTC/USD hitting an intraday high of $40,005.35 earlier in today’s session.

Saturday’s move sees BTC break beyond the key $40,000 level, however the move did not last, as profit takers likely closed their positions due to the current market risk.

Looking at the chart, the 14-day RSI currently hovers above its long-term ceiling of 44, and is approaching the 45 level.

BTC now trades below its recent resistance point of $39,500, as the momentum of the 10-day moving average continues to tumble.

However, should price strength remain above resistance, bulls may be targeting an exit at $41,500.

Ethereum

The price of ETH was also higher to start the weekend, with markets nearing long-term resistance of $2,900.

As of writing, ETH/USD is trading 2.16% higher, after rising to a peak of $2,835.66, following Friday’s intraday low of $2,664.45.

Similar to BTC, once prices neared resistance, we saw a selloff, which was likely caused by profit takers liquidating their positions.

Following the downturn at its ceiling, ethereum is now trading around $2,760, with some targeting the floor of $2,550.

The downside momentum of the short-term 10-day moving average (red), will likely be one of the main indicators to keep some traders bearish in ETH.

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Could we potentially see this level hit by Sunday? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




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