Following what has been a turbulent week of trading, bitcoin prices consolidated to start the weekend. The token rose marginally above the $19,000 level on Saturday, hovering near a three-month low in recent days. Ethereum was also consolidating in today’s session, as prices moved back above $1,300.
Bitcoin
Bitcoin (BTC) rose marginally above $19,000 on Saturday, as markets continued to digest this week’s heightened level of volatility.
Following a low of $18,617.55 on Friday, the world’s largest cryptocurrency rose to an intraday peak of $19,374.55 earlier today.
This move saw bitcoin climb back above its key support point of $19,300, following a recent breakout which sent prices to a three-month low.
Looking at the chart, the initial price increase in today’s session came as the 14-day relative strength index (RSI) also moved higher, hitting a resistance level in the process.
Since hitting a ceiling of 44.10, BTC/USD prices have fallen from earlier highs, and as of writing are trading at $19,061.70.
Should bulls intend to take the BTC higher, potentially even back above $20,000, this current obstacle on the RSI will need to be overcome.
Ethereum
In addition to bitcoin, ethereum (ETH) has also had a turbulent week — one which saw prices fall to a low of $1,220.
However, after hitting this point, which now appears to be a price floor, the token has marginally risen in back-to-back sessions.
On Saturday, ETH/USD rose to an intraday high of $1,335.28, which comes less than 24-hours after trading at a low of $1,270.20.
As seen from the chart, the move came as its RSI also rose, hitting a height of 38.70 in today’s session.
Similar to bitcoin above, this reading took the index to a resistance point, which has historically been an area where bears reenter the market.
As of writing, ETH is trading at $1,327.12, which is still over 3% up from Friday’s floor.
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Source: https://news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-eth-consolidate-following-week-of-intense-volatility/