Bitcoin prices were virtually unchanged at the start of Friday’s session as traders geared up for the weekend. After a strong start to the week, cryptocurrency prices have mostly consolidated in recent days. Ethereum traded close to support at $1,750 again.
After a strong start to the week BTC peaked at nearly $32,000, prices have since consolidated, trading just below $30,000.
Until Friday session BTC was lower again as it continued to trade below that level and hit an intraday low of $29,732.91 in the process.
This low comes as prices continue to trade below this week’s $30,500 resistance and instead approach support at $29,500.
Despite this recent decline, Bitcoin is still almost 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 its 45 mark, which means that the bulls are still hesitating for the perfect moment to re-enter the market.
The 10-day moving average is now also pointing lower with a downward crossover potential, however, if a bullish wave starts, we may see a change in sentiment.
Ethereum traded below $1,800 again on Friday as prices dropped for the fourth straight session.
While this decline was minor, this bearish momentum has meant that Ethereum has struggled to move above $1,800 this week.
At the time of writing, Ethereum/USD fell to an intraday low of $1,761.05 in today’s session, less than 24 hours after a peak of $1,812.90.
Despite this, the analysis of the last seven days will show that there was a slight price increase of 0.33%.
This meant that Ethereum continues to trade above support at $1,750 despite bearish attempts to move below that point.
In addition to this, if the RSI continues to stay above its own level at 38, we are likely to see Ethereum restore part of the upward momentum.
Do you expect that $1,750 bar to be broken this weekend? Leave your thoughts in the comments below.
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Credit : news.bitcoin.com