• Bitcoin and Ethereum markets marginally stabilized from Friday’s sell-off on March 4.
• BTC/USD rose to an intraday high of $22,444.19, and ETH/USD hit a high of $1,575.87.
• The 14-day relative strength index (RSI) has appeared to have found a floor, while the 10-day (red) and 25-day (blue) moving averages are on the brink of a downwards crossover.
Bitcoin Consolidates Recent Losses
Bitcoin (BTC) consolidated recent losses to start the weekend, as market volatility eased in today’s session. Following yesterday’s low of $22,213.24, BTC/USD rose to an intraday high of $22,444.19 earlier in the day – moving back above a long-term support point at $22,300 following Friday’s breakout. Additionally, the 14-day relative strength index (RSI) has also appeared to have found a floor which has helped ease the decline in price strength – tracking at 42.89 and marginally above the support point at 42.00. There is a risk however that the 10-day (red) and 25-day (blue) moving averages are on the brink of downward crossover which could signal future declines ahead for Bitcoin prices.
Ethereum Moves Back Into The Green
Ethereum also recovered following bearish momentum wearing off with ETH/USD hitting a high of $1,575.87 less than 24 hours after trading at a low of $1,552.45 – rising back above a price floor at $1,560. The RSI is now tracking at 45.21 – relatively higher than yesterday’s bottom at 44.51 as bulls rejected break out from 44 support level – should price strength move closer to resistance level at 48 there is strong possibility that ETH will be above 1 600 mark soon enough .
Key Support & Resistance Levels
For Bitcoin key levels remain same: 22 300 USD for support and 23 500 USD for resistance while for Ethereum these levels stand : 1560 USD for support area and 1650 USD for resistance one .
Sentiment Shift
Sentiment appears to have shifted somewhat as both Bitcoin and Ethereum moved into positive territory as we start weekend , however values remain volatile so caution should be taken when trading cryptocurrencies .
Conclusion
Cryptocurrency markets appear to have stabilized after Friday’s sell off , however any further gains can only be determined by performance over upcoming days .