In short: Bitcoin opened the weekend in consolidation below $27,000, with its 14-day RSI tracking below a key resistance level for bullish momentum. Meanwhile, a marginal rise in Ethereum prices saw ETH/USD reach $1,826.19, with bulls managing to keep prices away from a floor at $1,790. Ethereum's RSI is hovering below a resistance point at 46.00, and a breakout will be needed for bullish momentum to fully return.
Our quick analysis:
The crypto market can be a fickle friend, and this week's dance with the U.S. Fed Chair Jerome Powell is no exception. Despite Powell's suggestion that interest rates may not rise as much as expected, bitcoin (BTC) started the weekend in consolidation mode below the $27,000 mark. If BTC wants to groove its way up to $28,000, it'll need to break through the ceiling at 42.00 on the 14-day relative strength index (RSI). Ethereum (ETH), on the other hand, managed to move its hips just a tad higher, clocking in at $1,826.19 today. But like its dancing partner, the ETH bulls will need to shimmy past a resistance point at 46.00 on the RSI to fully tap into bullish momentum.
While the crypto market may be slow to break out its best dance moves, we'll have to wait and see if ethereum surges this weekend. In the meantime, don't forget to register your email for some weekly price analysis updates sent straight to your inbox.
So, will the crypto market dance to the beat of Powell's drum? Only time will tell. But if the market keeps showing us some fancy footwork, we'll be sure to keep you updated.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
The crypto market can be a fickle friend, and this week's dance with the U.S. Fed Chair Jerome Powell is no exception. Despite Powell's suggestion that interest rates may not rise as much as expected, bitcoin (BTC) started the weekend in consolidation mode below the $27,000 mark. If BTC wants to groove its way up to $28,000, it'll need to break through the ceiling at 42.00 on the 14-day relative strength index (RSI). Ethereum (ETH), on the other hand, managed to move its hips just a tad higher, clocking in at $1,826.19 today. But like its dancing partner, the ETH bulls will need to shimmy past a resistance point at 46.00 on the RSI to fully tap into bullish momentum.
While the crypto market may be slow to break out its best dance moves, we'll have to wait and see if ethereum surges this weekend. In the meantime, don't forget to register your email for some weekly price analysis updates sent straight to your inbox.
So, will the crypto market dance to the beat of Powell's drum? Only time will tell. But if the market keeps showing us some fancy footwork, we'll be sure to keep you updated.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
0 Comments
Please, behave!