Bitcoin, Ethereum Technical Analysis: BTC Retreats From Recent High, ETH Consolidated Gains

Bitcoin retreated from a recent multi-week high on Saturday, as sentiment shifted bearish to start the weekend. The drop comes following a four-day win streak, leading many to see today’s declines as profit-taking. Ethereum was marginally higher.

Bitcoin

Bitcoin slipped from a two-week high to start the weekend, as bears moved to snap a recent four-day win run.

BTC/USD hit a bottom of $26,240.70 earlier in today’s session, which comes following a peak at $26,840.50 the day before.

The fall appears to have come as bulls were unable to sustain recent pressure that saw BTC climb to its strongest point since August 31.

BTC/USD – Daily Chart

From the chart, the drop coincides with the relative strength index (RSI) failing to move above a ceiling of 53.00

At the time of writing, price strength is now tracking at 51.27, with a floor of 41.00 a potential target.

Bulls will likely look to avoid market consolidation and force a breakout of the 53.00 level, which could lead bitcoin back above $27,000.

Ethereum

Ethereum (ETH) was marginally higher in today’s session, with the price remaining above a key support level.

Following a low of $1,613.25 on Friday, ETH/USD rose to an intraday high of $1,652.11 earlier in the day.

Saturday’s gains have somewhat eased, with the world’s second-largest cryptocurrency now trading at $1,637.80.

ETH/USD – Daily Chart

Like bitcoin, this comes as bulls were unable to facilitate a break out of a resistance level, in this instance at the 48.00 zone.

Price strength currently sits at a reading of 46.39, with earlier volatility easing as the session progresses.

Despite ETH now consolidating, a potential upward cross of the 10-day (red) and 25-day (blue) moving averages could lift prices in the coming days.

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