Bitcoin, Ethereum Technical Analysis: BTC Edges Closer to $18,800 Support Level on Saturday
BTC and ETH Analysis
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Bitcoin, Ethereum Technical Analysis: BTC Edges Closer to $18,800 Support Level on Saturday
Bitcoin moved closer to its long-term support level of $18,800 to start the weekend, as prices of cryptocurrencies were once again lower. While bitcoin has now fallen for seven straight sessions, ethereum also saw similar declines, and as of writing is down 2.40% from yesterdays high.
Bitcoin
The worlds largest cryptocurrency by market capitalization bitcoin (BTC) was once again in the red on Saturday, as prices edged closer to a key support level.This move sees bitcoin hover slightly above its recent support point at $18,800, which was hit earlier in the week.
Ethereum
Ethereum (ETH) bear’s were also pressuring prices to start the weekend, as the token continued to hover slightly above the $1,000 level.As of writing this, ETH/USD has now fallen to a low of $1,033.96 on Saturday, which is marginally below its $1,050 floor.Should bearish pressure persist this weekend, then the next target would inevitably be below $1,000.
In particular, bears will be looking at the $885 support point as a preferred exit point, however, the 14-day RSI would need to break below its current floor of 29.5.Since the beginning of April, ETH has lost over two-thirds of its value, however, the declines might not have ended yet.
Bitcoin is edging closer to its $18,800 resistance level on Saturday. This indicates that bears who have been nursing their losses within this area will likely experience a dose of reality.