Bitcoin rose closer to the $17,000 level on Saturday, despite crypto markets mostly consolidating to start the week. The global cryptocurrency market cap is down 0.32% as of writing. Ethereum was also higher earlier in the day, with prices nearing the $1,230 level.
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Bitcoin
Bitcoin (BTC) remained under the $17,000 level to start the weekend, as prices continued to consolidate despite earlier gains.
BTC/USD hit a high of $16,905.22 earlier in today’s session, which comes a day after price was at a bottom, at the $16,793.53 mark.
The move saw the world’s largest cryptocurrency continue to trade above a key point of support at $16,800.
As can be seen from the chart, earlier gains have somewhat eased, as the 14-day relative strength index (IRS) failed to break above a ceiling at 48.00.
The index is currently trading at 46.72, with bulls still attempting to push past the aforementioned point of resistance.
D'autre part, should price strength decline below a floor at 45.00, bitcoin will likely move towards the $16,000 level.
Ethereum
In addition to BTC, ethereum (ETH) also consolidated to start the weekend, with prices edging closer to a key resistance level.
Following a low of $1,216.34 on Friday, ETH/USD raced to a peak of $1,227.00 earlier in today’s session.
As a result of today’s move, ethereum once again attempted to break out of a key ceiling at the $1,230 level.
En regardant le graphique, the breakout did not occur, mainly due to the RSI also remaining below a ceiling of its own at 47.50.
Au moment de l'écriture, the index is tracking at 47.12, with momentum appearing to be bearish as a result of the direction of moving averages (MA).
The 10-day (red) MA extended its downward cross with its 25-day (blue) counterpart, which typically is a sign of price declines.
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