BTC Edges Closer to $ 18,800 Support Level on Saturday – Bitcoin News Market Updates

BTC Edges Closer to $ 18,800 Support Level on Saturday – Bitcoin News Market Updates
BTC Edges Closer to $ 18,800 Support Level on Saturday – Bitcoin News Market Updates

Bitcoin moved closer to its long-term support level of $ 18,800 to start the weekend, when cryptocurrency prices were again lower. While bitcoin has now fallen in seven straight sessions, ethereum also saw a similar fall, and at the time of writing is down 2.40% from yesterday’s high.

Bitcoin

The world’s largest cryptocurrency by market value bitcoin (BTC) was again in the red on Saturday, when prices came closer to an important support level.

After a high of $ 19,590.12 on Friday, BTC / USD rose to a low during the day of $ 19,027.08 to start the weekend.

This move shows that bitcoin is hovering slightly above the recent support point of $ 18,800, which was hit earlier this week.

Daily chart for BTC / USD

Despite three recent moves below this level, breakouts have been mostly false, but bears may be set to attempt a more sustained fall in the coming days.

Should we see a move below this point, the $ 17,500 mark will probably be the price target for those who shorten the token.

To get there, relative strength must move below its own floor, with the 27.5 level of the RSI indicator as its support point.

Ethereum

Ethereum (ETH) bears also pushed prices to start the weekend, as the token continued to hover just above the $ 1000 level.

As of this writing, the ETH / USD has now fallen to a low of $ 1,033.96 on Saturday, which is marginally below the $ 1,050 floor.

Should bearish pressure persist this weekend, the next target will inevitably be below $ 1000.

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ETH / USD daily chart

In particular, bears will look at the $ 885 support point as a preferred starting point, but the 14-day RSI must break below the current 29.5 floor.

Since the beginning of April, ETH has lost over two thirds of its value, but the declines may not have ended yet.

Are you expecting more significant falls in the price of bitcoins and ethereum this month? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, having worked as a broker director, retail educator and market commentator in Crypto, Stocks and FX.




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