Bitcoin, Ethereum Technical Analysis: BTC, ETH Marginally Lower as Traders Secure This Week’s Profits

Bitcoin traded around the $30,000 region to start the weekend, as markets remained optimistic that an ETF approval could be looming. This has been the topic of the week, with many speculating how high crypto markets could surge on such potential news. Ethereum slipped from Friday’s peak.

Bitcoin

Bitcoin was hovering marginally below the $30,000 level on Saturday as a section of bulls looked to seize this week’s profits.

Following a peak at $30,104.09 on Friday, BTC/USD has fallen to a current low of $29,816.64 during today’s session.

Despite the decline, the world’s largest cryptocurrency remains higher than yesterday’s low at the $29,376.12 mark.

The easing of momentum comes as the relative strength index (RSI) continued its stay in overbought territory, with a present reading of 73.17.

This is the highest point the index has tracked at since February, giving some traders concerns of a potential pullback.

Should this occur in the coming days, bears will likely look to push bitcoin to the $29,000 level, which seems to be the next visible floor.

Ethereum

Ethereum (ETH) also edged lower to start the weekend, however remains above the $1,600 level.

ETH/USD dropped to a bottom at $1,593.45 earlier in the day, however bulls then pushed price to a high of $1,610.11.

Overall, ethereum traders appear to still be targeting its long-term floor of $1,650, with today’s decline a possible pitstop towards this point.

Unlike bitcoin above, ETH’s price strength has yet to climb into the overbought mark, and is currently tracking at 51.76.

This is slightly above a ceiling at 50.00, with the next firm resistance point around the 60.00 region.

In the event bulls push for this point, ethereum will almost certainly be trading above $1,650.

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Do you expect ethereum to end the month above $1,650? Leave your thoughts in the comments below.

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By: Eliman Dambell
Title: Bitcoin, Ethereum Technical Analysis: BTC, ETH Marginally Lower as Traders Secure This Week’s Profits
Sourced From: news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-eth-marginally-lower-as-traders-secure-this-weeks-profits/
Published Date: Sat, 21 Oct 2023 12:45:53 +0000

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