Bitcoin, Ethereum Technical Analysis: ETH, BTC Lower as Bearish Momentum Returns on Friday
Following a slight surge in price, bitcoin was trading lower on Friday, as bearish momentum returned to crypto markets. BTC was once again nearing the $20,000 level in today’s session, while ETH fell below $1,100 earlier in the day.
BTC moved lower in Friday’s session, as bearish momentum once again reigned supreme in crypto markets.
Following a slight increase in price on Thursday, BTC/USD fell to an intraday low of $20,265.23 heading into the weekend.
As a result of Friday’s move, BTC moved towards what seems to be its new floor at $20,200 for the third day on the bounce.
Today’s decline also coincided with the 14-day RSI failing to break out of its ceiling close to the 26.35 area.
Whilst this indicator is currently tracking at 25.30, bears will likely attempt to take this to a support point at 22.
Should this occur, we will likely be looking at bitcoin trading below $20,000, which is something that could happen in the next few days.
In addition to declines in BTC, ETH was also marginally lower in today’s trading session, as it fell below a key price level.
ETH/USD slipped to an intraday low of $1,058.78 during Friday’s session, which is less than a day after it hit a peak of $1,138.27.
This drop sees ETH now trade marginally above its recent price floor of $1,050, which seems to be one of the last lines of defense preventing a move below $1,000.
As of writing, ETH has moved away from earlier lows, and is currently trading at $1,095.12, which is 1.48% lower than yesterday’s high.
Looking on the chart, the Relative Strength Index is tracking at 22, which is higher than its floor at 20.35.
If ETH is to remain above $1,000 during this upcoming weekend, price strength will need to stay above this point.
Could ETH fall below $1,000 this weekend? Leave your thoughts in the comments below.