Bitcoin, Ethereum Technical Analysis: BTC Rebounds on Friday, Following a Drop Below $19,000

Bitcoin, Ethereum Technical Analysis: BTC Rebounds on Friday, Following a Drop Below $19,000

Following a move below $19,000 on Thursday, BTC was able to rise above $20,000 during today’s trading session. ETH also was able to remain above $1,000, following an attempt by bears to push price under this level during yesterday’s session. Bitcoin

Bitcoin was trading marginally higher on Friday, as markets rebounded following a bearish session on Thursday.

Despite a heightened level of volatility, the world’s largest crypto token climbed to an intraday peak of $20,632.67 earlier today.

This comes less than 24-hours after prices fell to a bottom of $18,729.66, leading BTC/USD below its long-term floor of $18,800. BTC/USD – Daily Chart

During the past three weeks, there have been at least three attempted breakouts from this point, however bulls have mostly managed to stifle these attempts.

Looking specifically at the RSI indicator on the chart, strength is tracking below support at 30, however if a true rebound were to occur, bulls would need to reenter this level .

Prices have since declined after earlier gains, and as of writing, bitcoin is trading at $19,194.26, which is marginally higher than yesterday’s low.

Ethereum

Following a fall to an 11-day low on Thursday, ETH was also higher in today’s session as prices continued to stay above $1,000.

Ethereum bears attempted to move below this point yesterday, however bulls were able to prevent this from happening, for now.

As of writing, ETH/USD has so far risen to an intraday peak of $1,100.22 in today’s session, following a drop to $1,009.09 on Thursday. ETH/USD – Daily Chart

Yesterday’s drop came as relative strength in ETH fell below a recent support of 35.85, falling to as low as 32.

This drop in the RSI has since slowed, with prices now appearing to consolidate close to a floor at $1,050.

The last time we were trading around this support point, prices went on rally for four consecutive sessions. Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum

Will bulls be able to go on a similar run, following the latest decline in ETH? 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: SAND up 15% on Friday, as MATIC Rebounds From Near 10-Day Low MARKET UPDATES | 8 hours ago Terra"s Crypto Tokens UST and Luna Classic Mysteriously Pumped This Week, UST Climbed by 470% MARKET UPDATES | 18 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMastercard Report: 51% of Survey Respondents Have Completed a Cryptocurrency Transaction in Latam Next articleEl Salvador Buys 80 More Bitcoin as BTC Fell Below $19K — President Insists ‘Bitcoin Is the Future’ 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 ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin