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Bitcoin, Ethereum Technical Analysis: Bullish Sentiment Returns to BTC Following Yesterday’s Sell-off

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After yesterday’s price drop, Bitcoin stabilized during Thursday’s session as prices hovered just below $21,000. Bulls try to take BTC back to this resistance level, which was broken in Wednesday’s sell-off.

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BTC traded just below $21,000 on Thursday as prices rebounded slightly from a hump day decline.

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After Wednesday’s low of $19,848.08, BTC/USD rose to an intraday high of $20,835.75 earlier in today’s session.

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The move comes as the bulls look set to break again the current resistance at $21,100 that has been holding up for the past week.

Bitcoin, Ethereum Technical Analysis: Bullishness Returns To BTC After Yesterday's Selloff
BTC/USD – daily chart

Hope for a breakout will be boosted by the fact that the 14-day RSI has broken out of its own resistance level.

As you can see from the chart, after almost ten days of unwillingness to give in, the ceiling of 30.50 was finally broken.

The next visible resistance level is 36.60. If we see that the relative force is moving towards this point, BTC may trade above $22,000.

Ethereum

Ethereum was also in the green on Thursday after seemingly overcoming a hump of uncertainty on Wednesday.

Prices for the world’s second-largest crypto token surged to an intraday peak of $1,119.61, less than a day after nearly falling below $1,000.

As a result of today’s price bounce, bulls are likely to try to maintain this momentum, with some looking for a key resistance point.

Bitcoin, Ethereum technical analysis: bullish sentiment returns to BTC after yesterday's sell-off
Ethereum/USD – daily chart

This ceiling is at $1,190, which is the main hurdle that could prevent Ethereum from return to $1200.

Overall momentum appears to be bullish as the Relative Strength Index hit its highest level in almost two weeks.

At the time of writing, the index is trading at 32 with the next resistance level at 35.85.

Do you expect the bullish momentum to pick up as we get closer to the end of the week? Leave your thoughts in the comments below.

Denial of responsibilityA: This article is for informational purposes only. This is not a direct offer or solicitation to buy or sell, nor is it a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly liable for any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods or services mentioned in this article.



Credit : news.bitcoin.com

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