Bitcoin was once again trading under $19,000, as the U.S. dollar moved to a one-week higher versus several G7 currencies. Friday’s move saw the token fall to a key support point in the process. Ethereum was also in the red in today’s session, as prices fell for a fourth straight day.
Bitcoin
Bitcoin (BTC) was back in the red on Friday, as the U.S. dollar continued to strengthen versus several G7 currencies.
Following a high of $19,315.20 during Thursday’s session, BTC/USD slipped to an intraday low of $18,945.48 earlier today.
The move pushed prices of the token towards a key support point of $18,900, as price strength also declined.
BTC/USD – Daily Chart
Looking at the chart, the relative strength index (RSI) of 14-days collided with a floor of 40.50, and as of writing is set to move below 40.00.
The 10-day (red) moving average has also extended its downward trend, which could be a sign of further bearish sentiment.
Should we see the RSI continue to trickle lower, there is a strong possibility that BTC could be trading below $18,000 this weekend.
Ethereum
In addition to bitcoin, ethereum (ETH) also returned to the red in today’s session, falling below $1,300 in the process.
Today’s sell-off saw ETH/USD drop to a bottom of $1,260.61, falling below a key price floor in the process.
The aforementioned support level in this instance was the point of $1,270, which was last broken on October 13.
ETH/USD – Daily Chart
At that time, prices of the world’s second largest cryptocurrency dropped below $1,200, and it appears that bears could once again be targeting a similar drop.
The next visible floor seems to be the $1,220 price floor, which could be reached if the RSI hits its own bottom of 36.70.
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Could ethereum fall below $1,200 this weekend? Leave your thoughts in the comments below.
Eliman Dambell
Image Credits: Shutterstock, Pixabay, Wiki Commons
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Source: https://news.bitcoin.com/bitcoin-ethereum-technical-analysis-strong-dollar-pushes-btc-below-19000/
