Bitcoin

Bitcoin moved close to a breakout below $27,000 on Saturday, as markets moved lower following a volatile week of trading. Market uncertainty was high this week, as traders digested the latest Federal Reserve interest rate hike, as well as the on-going global banking crisis. Ethereum remains below $1,800 as of writing.

Bitcoin

Bitcoin (BTC) started the weekend consolidating below the $28,000 mark, as market volatility eased on Saturday .

Following a high of $28,208.21 on Friday, BTC/USD moved to an intraday low of $27,039.27 earlier today.

As a result of the move, bitcoin collided with a floor at the $27,050 level, however bulls have so far rejected a breakout below this point.

Looking at the chart, today’s sell-off took place as the relative strength index (RSI) fell below a floor of its own, at the 65.00 mark.

As of writing this, the index is now tracking at the 62.75 level, with the next visible point of support at the 60.00 mark..

Overall, BTC has rebounded from earlier lows, and at the time of writing, is trading at $27,475.15.

Ethereum

Ethereum (ETH) also edged lower to start the weekend, as prices continued to fall from a recent seven-month high.

ETH/USD dropped to a bottom at $1,730.35 in today’s session, which comes a day after hitting a high of $1,791.14.

The move pushed ethereum to its long-term floor at $1,730, with buys opting to buy the dip at the point.

This recent drop in price has pushed ethereum’s RSI to its lowest point in two-week, with a current reading of 55.39.

Momentum still remains marginally bullish, as seen by the 10-day (red) moving average, however should prices move below $1,730, that could change.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story

Could ethereum fall below $1,700 this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Articles You May Like

Russia overtook US as gas supplier to Europe in May
New aid to Ukraine and Israel pushes US deficit forecast up to $1.9tn
Why we can’t be sure of the size of the Labour swing
Global defence groups hiring at fastest rate in decades amid record orders
‘Every Tory I know is angry’: betting scandal sends election campaign into ‘freefall’