As traders sought to lock in gains following recent market highs, bitcoin consolidated to begin the weekend. On Saturday, the total market capitalization remained substantially unaltered, trading 0.06% down as of this writing. After reaching a one-month high on Friday, Ethereum also fell.
Bitcoin
Bitcoin On Saturday, it fell from a ten-day high as bulls decided to lock in profits from recent advances.
Less than 24 hours after reaching its day's peak of $27,075.94, BTC/USD fell to a low of $26,721.76.
The change occurs after bulls failed to maintain a recent breakout over a ceiling at $27,100.
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| BTC/USD--Daily Chart |
When you enlarge the chart, you can see that the decline was also fueled by a failed attempt to break through the 58.00 resistance level on the relative strength index (RSI).
Price strength is currently tracking at 56.24, just over a ceiling of 55.00, as of the time of writing.
Despite today's price stabilization, bulls are most certainly going to attempt another push towards $27,000 this weekend.
Ethereum
Ethereum (ETH) is in the midst of a bull run; during Friday's session, it reached a one-month high.
After reaching a high of $1,681.79 the day before, these gains have now been lost, with ETH/USD sliding to a low of $1,657.68 early in the day.
The action has placed the 10-day moving average (red) on the verge of crossing over with its 25-day counterpart (blue).
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| ETH/USD--Daily Chart |
Despite the strong positive trend, a ceiling of 61.00 on the RSI may function as a barrier for traders trying to push ETH towards $1,700.
The index is currently tracking at 60.01, with the price of ethereum circling just under $1,680.
Is the consolidation we're seeing today just profit-taking? Post your opinions in the section below.