Bitcoin, Ethereum Technical Analysis: BTC Rebounds, as Bulls Reject Breakout of Key Support Level
Bitcoin was trading in the green on Feb. 7, as prices rebounded following a near collision with a key support point. Bulls have so far rejected this move towards $22,500 and instead pushed prices higher. Ethereum also rallied, with prices continuing to trade above $1,600.
Bitcoin
Bitcoin (BTC) rebounded from Monday’s lows in today’s session, with prices racing back above the $23,000 level.
Following a low of $22,692.03 to start the week, BTC/USD raced to an intraday high of $23,119.28 earlier in the day.
The move comes as bitcoin bulls rejected a move towards a long-term support point at $22,500, and instead bought the dip.
Looking at the chart, today’s rebound sees BTC snap a five-day losing streak, which came following a six-month high last Thursday.
Tuesday’s reversal also coincided with the 14-day relative strength index (RSI) bouncing from a floor of its own at 60.00.
As of writing, the index is tracking at 62.04, and seems to be on course to collide with a ceiling at 68.00.
Ethereum
Since rejecting a move below $1,600 on Monday, ethereum (ETH) has continued to find stability, with prices edging higher today.
ETH/USD moved to a peak of $1,653.72 to start the day, which comes less than 24 hours after falling to a bottom at $1,611.32.
As a result of this surge, the world’s second largest cryptocurrency looks to be heading towards a ceiling at $1,670.
One of the reasons behind this jump has also been the RSI, which failed to move below a floor at 58.00, and is now at a reading of 60.16.
In addition to this, the 10-day (red) moving average continues to be upward facing, which traders see as a bullish signal.
If this momentum persists, there is a strong possibility that ethereum could be trading close to $1,700 in upcoming days.
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