Bitcoin surged closer to $17,000 on Saturday despite crypto markets mostly consolidating earlier in the week. The global cryptocurrency market cap is down 0.32% at the time of writing. Ethereum was also higher earlier in the day with prices approaching the $1,230 level.
Bitcoin
Bitcoin (BTC) remained below $17,000 at the start of the weekend as prices continued to consolidate despite earlier gains.
BTC/USD hit a high of $16,905.22 earlier in the session, which comes a day after the price bottomed at $16,793.53.
The move saw the world’s largest cryptocurrency continue to trade above a key support point at $16,800.
BTC/USD daily chart
As can be seen from the chart, earlier gains have eased somewhat as the 14-day Relative Strength Index (RSI) failed to surpass a ceiling of 48.00.
The index is currently trading at 46.72 with bulls still attempting to clear the aforementioned resistance point.
On the other hand, if price strength breaks below a floor of 45.00, bitcoin is likely to move towards $16,000.
ether
Alongside BTC, Ethereum (ETH) also consolidated at the start of the weekend, with prices nearing a key resistance level.
After hitting a low of $1,216.34 on Friday, ETH/USD raced to a high of $1,227.00 at the start of today’s session.
As a result of today’s move, Ethereum once again attempted to break a key ceiling at the $1,230 level.
ETH/USD daily chart
Looking at the chart, the breakout did not occur mainly because the RSI also stayed below its own ceiling at 47.50.
As of this writing, the index is hovering at 47.12 with momentum appearing to be bearish due to the direction of the moving averages (MA).
The 10-day MA (red) extended its downcross with its 25-day counterpart (blue), which is typically a sign of declines.
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Elijah Dambell
Eliman brings an eclectic perspective to market analysis, having previously been a broker director and retail educator. He currently acts as a commentator for various asset classes including crypto, stocks and forex.
Photo credits: Shutterstock, Pixabay, Wiki Commons
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