bitcoin

Bitcoin, Ethereum Technical Analysis: BTC Hovers Below $24,000 on Friday, as Crypto Markets Consolidate


Cryptocurrency markets consolidated on Friday, as bulls marginally pulled back following strong gains in yesterday’s session. Bitcoin fell slightly below $24,000, as prices were once again unable to move past a key ceiling. Ethereum was also lower, however continued to trade close to $1,900.

Bitcoin

Bitcoin (BTC) prices fell marginally lower on Friday, as crypto bulls retreated following strong gains during yesterday’s session.

The world’s largest cryptocurrency dropped to an intraday low of $23,828.59 in today’s session, which comes after a high of $24,822.63 the day prior.

Today’s decline came as BTC was unable to sustain a move above its resistance level of $24,600, with bears seemingly reentering at this point.

BTC/USD – Daily Chart

Looking at the chart, today’s decline coincided with the 14-day relative strength index (RSI) failing to break out of its own ceiling.

This resistance was at the 60.32 level, which last suffered a marginal break on July 19, however a full move above this point hasn’t occurred in over four months.

It seems as though this is the last obstacle in the way preventing bitcoin from surging to and beyond $25,000.

Ethereum

In addition to BTC, ethereum (ETH) was also trading slightly lower in today’s session, as prices of the world’s second-largest token moved slightly below $1,900.

Following a high of $1,905.49 on Thursday, ETH/USD moved to a bottom of $1,863.16 in today’s session.

Yesterday’s high was also a key resistance point for ethereum, and was the first time in over two months that prices had collided with this ceiling.

ETH/USD – Daily Chart

As a result of this, bearish pressure resurfaced, sending the token back below the $1,905 level, which as seen on the chart is a significant point of uncertainty.

Read More   Bitcoin Futures stall early as market springs a surprise - AMBCrypto

Looking at the chart, back on June 7, when ETH last hit this ceiling, prices went on to fall for twelve consecutive sessions, hitting a bottom below $900 in the process.

In addition to this, the RSI has also failed to move beyond its own resistance at 68, which seems to have been a signal to bears to reenter the market.

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

Do you expect ethereum to fall lower this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




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 SOURCE

This website uses cookies. By continuing to use this site, you accept our use of cookies.