As of writing, cryptocurrency markets are up by over 3% on Saturday, with bitcoin trading close to 1% higher to start the weekend.
This comes following a low of $38,416.53 yesterday, with BTC/USD hitting an intraday high of $40,005.35 earlier in today’s session.
Saturday’s move sees BTC break beyond the key $40,000 level, however the move did not last, as profit takers likely closed their positions due to the current market risk.
Looking at the chart, the 14-day RSI currently hovers above its long-term ceiling of 44, and is approaching the 45 level.
BTC now trades below its recent resistance point of $39,500, as the momentum of the 10-day moving average continues to tumble.
However, should price strength remain above resistance, bulls may be targeting an exit at $41,500.
The price of ETH was also higher to start the weekend, with markets nearing long-term resistance of $2,900.
As of writing, ETH/USD is trading 2.16% higher, after rising to a peak of $2,835.66, following Friday’s intraday low of $2,664.45.
Similar to BTC, once prices neared resistance, we saw a selloff, which was likely caused by profit takers liquidating their positions.
Following the downturn at its ceiling, ethereum is now trading around $2,760, with some targeting the floor of $2,550.
The downside momentum of the short-term 10-day moving average (red), will likely be one of the main indicators to keep some traders bearish in ETH.
Could we potentially see this level hit by Sunday? Leave your thoughts in the comments below.