Bitcoin approached its approached its long-term support level of $18,800 and began the weekend as the cryptocurrency’s price fell again. Bitcoin has now fallen for seven consecutive sessions, while Ethereum has seen a similar decline, down 2.40% from yesterday’s high at the time of writing.
Bitcoin
The world’s largest cryptocurrency by market capBitcoin (BTC)was again in the red on Saturday, with prices approaching key support levels.
After hitting a high of $19,590.12 on Friday,BTC/USD rose to an intraday low of $19,027.08 to start the weekend.
With this move, bitcoin is hovering slightly above a recent support point of $18,800 hit earlier in the week.
Despite three recent moves below this level, the breakout was largely false. However, bears may attempt a more sustained decline over the next few days.
If we see a move below this point, the $17,500 mark will likely be the price target for those shorting tokens.
In such a case, relative strength should move below its own floor, with the 27.5 level of the RSI indicator acting as a support point.
Ethereum
Ethereum (ETH)bears also pressured prices to start the weekend as the token continued to hover just above the $1000 level.
As of this writing,ETH/USD is currently down to Saturday’s low of $1,033.96, which is just below the $1,050 floor.
If bearish pressure continues this weekend, the next target will inevitably be below $1,000.
Bears in particular will see the $885 support point as a favorable exit, but the 14-day RSI would need to fall below its current floor of 29.5 It would need to be below the current floor of 29.5.
Since the beginning of April, the{94 ETHhas lost more than two-thirds of its value, but the decline may not be over yet.
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