Bitcoin, Ethereum Technical Evaluation: Market Volatility Stays Excessive, as BTC Climbs Above $19,000
Volatility in cryptocurrency markets remained high on Thursday, as markets began to consolidate following a recent red wave. Bitcoin was back above $19,000 in today’s session, with ethereum also rebounding following recent losses. As of writing, the global crypto market cap is up 2.43%
Bitcoin (BTC) was trading higher on Thursday, as crypto markets marginally rebounded following yesterday’s sell-off.
The token rose to an intraday high of $19,688.34 earlier in today’s session, less than a day after trading at a low of $18,927.12.
Volatility in bitcoin has been heightened in recent weeks, as markets reacted to rising inflation, as well as a stronger U.S. Dollar.
Looking at the chart, it appears that bulls are once again targeting a resistance point of $20,300, however they could face some obstacles in recapturing this point.
The obstacles will likely come in the form of the 14-day relative strength index (RSI), which is nearing a resistance of its own at 49.50
Currently, the index is tracking at 46.38, with BTC falling from earlier gains, and as of writing trading at $19,440.82.
Like bitcoin, ethereum (ETH) was, relatively speaking, also back in the green in today’s session, as it moved above $1,300.
Wednesday saw ETH/USD slip to a bottom of $1,267.87, however this was short lived, with bulls taking the token to a high of $1,351.96 earlier today.
The move sees the world’s second largest cryptocurrency race past a resistance of $1,330, however volatility in the market still remains.
Since hitting earlier highs, ETH is now trading at $1,334.94, with traders attempting to keep the token from falling below the floor mentioned above.
This coincides with the RSI hitting a ceiling at the 41.00 level, which has led to an increase of price uncertainty.
If price strength moves beyond this level, then we could see ethereum continue to climb heading into the weekend.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect further declines from ethereum in the coming days? Leave your thoughts in the comments below.