Bitcoin, Ethereum Technical Analysis: BTC Hovers Near $23,000 to Start the Weekend
Bitcoin started the weekend hovering near $23,000, as markets continued to react to personal consumption data in the United States. Figures released on Friday reported that spending fell by 0.2% last month, despite overall consumer sentiment moving higher. Ethereum remained close to $1,600 to start the day.
Bitcoin (BTC) remained close to the $23,000 level on Saturday, as markets continued to react to Friday’s U.S. personal consumption data.
Following a high of $23,417.72 late on Friday, BTC/USD fell to an intraday low of $22,880.60 earlier in the day.
This came as bitcoin was once again unable to break out of a key resistance level at $23,500, leading to a resurgence of bearish sentiment.
BTC/USD – Daily Chart
In addition to this, the 14-day relative strength index (RSI) has dropped below the 80.00 mark, and looks to be headed for a floor at 76.00
Should momentum continue in a downward direction, it is likely that BTC will collide with a floor at $22,400.
Currently, the index is tracking at 78.59, with BTC/USD trading at $22,930.60.
After a brief stint moving back above $1,600 late on Friday, ethereum (ETH) started the weekend once again below this level.
ETH/USD dropped to a bottom of $1,568.69 on Saturday, less than a day after hitting a peak of $1,617.00.
Volatility in ethereum has been heightened in recent days, following a failed breakout attempt of the $1,645 level earlier this week.
ETH/USD – Daily Chart
Following weeks of being overbought, price strength has begun to decline, with the 14-day RSI now tracking below its floor at 63.00
As of writing, the index is at a reading of 62.50, with ethereum at $1,582, with a floor at $1,550 a possible target for sellers.