Bitcoin consolidated recent losses on March 4, as cryptocurrency markets marginally stabilized from Friday’s sell-off. Prices plunged to a two-week low in yesterday’s session, however sentiment has somewhat shifted. Ethereum also recovered, moving back into the green to start the weekend.
Bitcoin (BTC) consolidated Friday’s losses to start the weekend, as market volatility eased in today’s session.
Following yesterday’s low of $22,213.24, BTC/USD rose to an intraday high of $22,444.19 earlier in the day.
The move sees bitcoin move back above a long-term support point at $22,300, following Friday’s breakout.
Additionally, the 14-day relative strength index (RSI) has also appeared to have found a floor, which has helped ease the decline in price strength.
At the time of writing, the index is tracking at 42.89, which is marginally above the support point at 42.00
One area of concern for aspiring bulls is the imminent downward crossover of the 10-day (red) and 25-day (blue) moving averages, which could be a signal to future declines.
ETH/USD hit a high of $1,575.87 in today’s session, less than 24 hours after trading at a low of $1,552.45.
As a result of this rebound, the world’s second largest cryptocurrency rose back above a price floor at $1,560.
This could be temporary, however, with the 10-day (red) moving average on the brink of a downwards cross with its 25-day (blue) counterpart.
The RSI is now tracking at 45.21, which is relatively higher than yesterday’s bottom at 44.51, and comes as bulls rejected a breakout of the 44.00 floor.
Should price strength move from this point of support, and closer to a resistance level at 48.00, there is a strong possibility that ETH will be above $1,600.
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Could cryptocurrency markets move further into the green this weekend? Leave your thoughts in the comments below.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
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