Following what has been a turbulent week of trading, bitcoin prices consolidated to start the weekend. The token rose marginally above the $19,000 level on Saturday, hovering near a three-month low in recent days. Ethereum was also consolidating in today’s session, as prices moved back above $1,300.
Bitcoin
Bitcoin (BTC) rose marginally above $19,000 on Saturday, as markets continued to digest this week’s heightened level of volatility.
Following a low of $18,617.55 on Friday, the world’s largest cryptocurrency rose to an intraday peak of $19,374.55 earlier today.
This move saw bitcoin climb back above its key support point of $19,300, following a recent breakout which sent prices to a three-month low.
Looking at the chart, the initial price increase in today’s session came as the 14-day relative strength index (RSI) also moved higher, hitting a resistance level in the process.
Since hitting a ceiling of 44.10, BTC/USD prices have fallen from earlier highs, and as of writing are trading at $19,061.70.
Should bulls intend to take the BTC higher, potentially even back above $20,000, this current obstacle on the RSI will need to be overcome.
Ethereum
In addition to bitcoin, ethereum (ETH) has also had a turbulent week — one which saw prices fall to a low of $1,220.
However, after hitting this point, which now appears to be a price floor, the token has marginally risen in back-to-back sessions.
On Saturday, ETH/USD rose to an intraday high of $1,335.28, which comes less than 24-hours after trading at a low of $1,270.20.
As seen from the chart, the move came as its RSI also rose, hitting a height of 38.70 in today’s session.
Similar to bitcoin above, this reading took the index to a resistance point, which has historically been an area where bears reenter the market.
As of writing, ETH is trading at $1,327.12, which is still over 3% up from Friday’s floor.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect ethereum to climb higher this weekend? Leave your thoughts in the comments below.
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
