Navigating the Rebound: A Technical Analysis of Bitcoin and Ethereum Markets as Cryptocurrency Prices Rise
The cryptocurrency market experienced a dip on Friday, but it appears that the markets have rebounded on Saturday. As per the CoinMarketCap data, the global crypto market cap has rallied, with Bitcoin and Ethereum leading the way.
Bitcoin, the world's largest cryptocurrency, has moved towards the $25,000 mark after racing to an intraday high of $24,924.04 earlier in the day. This move follows a low of $23,712.05 on Friday, which caused a bit of a panic in the market. However, as bulls moved to buy the dip, Bitcoin has broken out of its long-term resistance level at the $24,200 point. In addition to this, the 14-day relative strength index (RSI) has also moved back above its own resistance level at 65.00. This is a positive sign for Bitcoin, as the RSI is an important technical indicator used by traders to determine whether an asset is overbought or oversold. At the time of writing, Bitcoin's price strength is currently at a reading of 65.29, with a possible target of 70.00 for bulls. The 10-day moving average has also fully shifted course, and looks to be nearing an upward cross with its 25-day counterpart. Should this happen, BTC could be above $26,000 before the end of the weekend.
Ethereum, the second-largest cryptocurrency by market capitalization, has also bounced back from the previous day's decline. ETH/USD moved to a peak of $1,716.78 earlier in the day, which comes less than 24 hours after trading at a low of $1,656.28. The RSI has collided with a ceiling at 63.00, resulting in price strength hovering at a reading of 60.44. At the time of writing, Ethereum is trading at $1,693.41. While earlier gains have somewhat eased, Ethereum has climbed back above a price ceiling of $1,675. If bulls fail to move beyond the current hurdle, it is unlikely that ETH will re-capture the $1,700 level this weekend.
With markets rebounding and cryptocurrency prices on the rise, investors may be looking for opportunities to invest in cryptocurrencies. There are several platforms available, such as Binance US, BlockFi, and StormGain, where investors can buy and trade cryptocurrencies. Additionally, there are many wallets available, including Exodus Wallet, Blockchain Wallet, and TrustWallet, which allow users to store their cryptocurrencies securely. For those interested in mining cryptocurrencies, there are also several options available. Kraken Crypto and 3Commas are two platforms that offer cryptocurrency mining services.
As the cryptocurrency market continues to grow, there are many coins and tokens available for investment. Some of the best cryptocurrencies to invest in 2021 include SafeMoon Crypto, Pi Coin, ADA Crypto, and Polygon Crypto. Investors should do their research before investing in any cryptocurrency, as the market can be volatile and unpredictable. Websites such as CoinMarketCap, CoinMarketCal, and Reddit Cryptocurrency can provide valuable information for investors looking to make informed decisions.
Bitcoin (BTC) Technical Analysis
Bitcoin has been showing bullish signs in the past few days, as it moves toward the $25,000 mark. After reaching a low of $23,712.05 on Friday, BTC/USD rallied to an intraday high of $24,924.04 on Saturday. This move allowed Bitcoin to break out of its long-term resistance level at the $24,200 point. The 14-day relative strength index (RSI) also moved back above its own resistance level at 65.00, which is a positive sign for bulls.
As of writing this, the RSI is currently at a reading of 65.29, with a ceiling at 70.00 as a possible target for bulls. The 10-day moving average has also fully shifted course and looks to be nearing an upward cross with its 25-day counterpart. Should this happen, Bitcoin could be above $26,000 before the end of the weekend. However, bears could still push the price down below $23,000, which would invalidate this bullish scenario.
Ethereum (ETH) Technical Analysis
Ethereum has also been showing bullish signs in the past week, as it rose back above the $1,700 level. ETH/USD moved to a peak of $1,716.78 on Saturday, which comes less than 24 hours after trading at a low of $1,656.28. The world's second-largest cryptocurrency climbed back above a price ceiling of $1,675 following the move.
At the time of writing, earlier gains have somewhat eased, resulting from the RSI colliding with a ceiling at 63.00. Since this collision, price strength is now hovering at a reading of 60.44, with Ethereum trading at $1,693.41. If bulls fail to move beyond this hurdle, it is unlikely that ETH will recapture the $1,700 this weekend. However, if the RSI breaks through this ceiling, we could see Ethereum reach new highs in the coming days.
Latest News and Trends in the Crypto World
In the cryptocurrency world, there are always new developments and trends to keep an eye on. Here are some of the latest news and trends in the crypto world:
Cryptocurrency Wallets: Exodus Wallet and Blockchain Wallet are two of the most popular cryptocurrency wallets. They allow users to securely store and manage their cryptocurrencies, as well as buy and sell them. Trustwallet is also gaining popularity as a mobile wallet that supports a wide range of cryptocurrencies.
In conclusion, the cryptocurrency market has rebounded from Friday's decline, with Bitcoin and Ethereum leading the way. While there may be some hurdles to overcome, the outlook for cryptocurrency prices looks positive. As always, investors should do their research and invest wisely.
