Bitcoin, Ethereum Technical Analysis: Bullish Sentiment Returns to BTC Following Yesterday’s Sell-Off

Bitcoin, Ethereum Technical Analysis: Bullish Sentiment Returns to BTC Following Yesterday’s Sell-Off

Following yesterday’s drop in price, bitcoin stabilized during Thursday’s session, as prices hovered marginally below $21,000. Bulls are attempting to take BTC back towards this resistance level, which was broken as a result of Wednesday’s sell-off. Bitcoin

BTC was trading marginally below $21,000 on Thursday, as prices slightly rebounded following declines on hump day.

Following Wednesday’s low of $19,848.08, BTC/USD rose to an intraday high of $20,835.75, earlier in today’s session.

This move comes as bulls seem set to once again break out of the current resistance at $21,100, which has been in place for the last week. BTC/USD – Daily Chart

Hope of a break will be increased by the fact that the 14-day RSI has moved beyond a resistance level of its own.

As seen from the chart, after almost ten days of reluctance to give way, the 30.50 ceiling was finally broken.

The next visible level of resistance looks to be the 36.60 point. Should we see relative strength move to this point, BTC could be trading above $22,000.

Ethereum

ETH was also back in the green on Thursday, after appearing to overcome Wednesday’s hump of uncertainty.

Prices of the world’s second largest crypto token rose to an intraday peak of $1,119.61, which comes less than a day after nearly dropping back below $1,000.

As a result of today’s rebound in price, bulls will likely attempt to maintain this momentum, with some eyeing a key resistance point. ETH/USD – Daily Chart

This ceiling is at the $1,190 mark, which is the main obstacle that could prevent ETH from moving back into $1,200.

Overall, momentum seems bullish, with the Relative Strength Index tracking at its highest level in almost two weeks..

As of writing, the index is tracking at 32, with the next resistance level at 35.85. Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum

Do you expect bullish momentum to increase as we head to the end of the week? 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. Biggest Movers: MATIC Climbs 25%, Re-Enters Crypto Top 20  MARKET UPDATES | 8 hours ago Biggest Movers: UNI Moves Into Top 20, as SHIB Hits Highest Point Since May MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMeta, Microsoft, and Others Launch Metaverse Standards Group Next articleSpanish Treasury Introduces New Crypto Tax Model Featuring Balance Reports 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 disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike