bitcoin moved closer to A long-term support level of $18,800 to start the weekend as the cryptocurrency price trades lower once again. While Bitcoin is now down in seven straight sessions, Ethereum has seen a similar decline, and is down 2.40% from yesterday’s high as of writing.
Bitcoin
The world’s largest cryptocurrency by market capitalization bitcoin (BTC) was once again in the red on Saturday, as prices neared a key support level.
Following Friday’s high of $19,590.12, BTC/USD rebounded to an intraday low of $19,027.08 to start the weekend.
The move saw bitcoin hover slightly above its recent support point at $18,800, which it hit earlier this week.
Despite three recent moves below this level, the breakouts have been largely false, although the bears may be ready to attempt a more sustained decline in the coming days.
Should we see a downside move from this point, the $17,500 mark could be a price target for those shorting the coin.
To get there, relative strength will need to move below its floor, with the 27.5 level on the RSI indicator acting as a point of support.
Ethereum
Ethereum (ETH) bears were also putting pressure on the price to start the weekend, as the coin continued to hover slightly above the $1,000 level.
As of writing this, ETH/USD has now fallen to a low of $1,033.96 on Saturday, which is slightly below its $1,050 level.
If bearish pressure persists for the end of this week, the next target will inevitably be below $1,000.
Notably, the bears will be looking at the $885 support point as a preferred exit point, however, the 14-day RSI will be needed to break below its current level of 29.5.
Since the beginning of April, ETH has lost more than two-thirds of its value, however, the decline is not over yet.
Do you expect further drops in the price of Bitcoin and Ethereum this month? Give your thoughts in the comment below.
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