Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound on Friday, Following Volatile Week of Trading
Bitcoin was back in the green on Friday, with prices once again moving above the $17,000 level. Cryptocurrencies were mostly higher in today’s session, as prices rebounded from recent losses. Ethereum also surged earlier in the day, climbing closer to the $1,300 level.
Bitcoin
Bitcoin (BTC) climbed higher in today’s session, with the coin surging back above the $17,000 level.
Following a low of $16,788.78 on Thursday, BTC/USD raced to an intraday high of $17,274.60 earlier in the day.
The move saw bitcoin rally beyond its resistance level at $17,200, hitting a five-day high in the process.
Looking at the chart, BTC has since retreated from earlier highs, as bullish momentum faded soon after the breakout.
As of writing, the relative strength index (RSI) is now tracking at 50.93, which is marginally below a ceiling at 52.00.
Should the index continue to move higher, then the next target for bulls will likely be the $17,600 point.
Ethereum
In addition to bitcoin, ethereum (ETH) also edged higher in today’s session, with prices rebounding from recent losses.
ETH/USD moved to a peak of $1,286.23 on Friday, less than 24 hours after trading at a low of $1,227.50 during Thursday’s session.
As a result of today’s move, the coin neared a key resistance level of $1,305, rising to its highest point since Monday in the process.
Currently, it appears as though ethereum bulls are targeting a move beyond the $1,300 mark, however a ceiling on the RSI seems to be in the way.
As of writing, the index is tracking at 52.00, which has also been a key point of resistance in the past.
Bulls would need to overcome this hurdle first, in order to send prices towards the targeted $1,300 level.
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What has been behind today’s rebound in cryptocurrency prices? Leave your thoughts in the comments below.
