Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Week of Intense Volatility

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.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Week of Intense Volatility
BTC/USD – Daily Chart

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.

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Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Week of Intense Volatility
ETH/USD – Daily Chart

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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Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.




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