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Bitcoin prices were largely unchanged early in the Friday session as traders prepared for the weekend. Following a strong start to the week, crypto prices have mostly consolidated over the past few days. ETHonce again traded near support at $1,750.
Bitcoin
After a strong start to the week that saw BTChit a high of nearly $32,000, prices have settled down since the strong start to the week when BTC hit a high of nearly $32,000 and is now trading just below $30, 000, trading at just below $30, 000.
so far in Friday’s session,BTCis trading below this level and is down again, hitting an intraday low of $29,732.91 in the process.
This low comes as prices continue to trade below this week’s resistance at $30,500, instead approaching support at $29,500.
Despite these recent declines, bitcoin is still nearly 1% higher than at the same point last week when prices were trading below $29,000.
In addition to this, the 14-day RSI has yet to break through the lower limit of 45, meaning that bulls are still hanging around waiting for the ideal time to re-enter the market.
The 10-day moving average is also pointing lower and could be downcrossing, but we may see a change in sentiment once the bull wave begins.
Ethereum
ETHwas trading below $1,800 again on Friday after four consecutive sessions of price declines.
While these declines are slight, this bearish momentum means that Ethereum is struggling to move above $1,800 this week.
At the time of writing,ETH/USD has fallen to an intraday low of $1,761.05 in today’s session, less than 24 hours after peaking at $1,812.90.
Nevertheless, looking at the past 7 days, we see that there is a marginal price gain of 0.33%.
This means thatETHcontinues to trade above the $1750 support, despite the bearish sentiment to break below this point.
In addition to this, if the RSI continues above its own floor at 38, we may possibly seeETHregain some upside momentum;
Image Credit: Shutterstock, Pixabay, Wiki Commons.
