Bitcoin, Ethereum Technical Evaluation: BTC Rebounds, as Bulls Reject Breakout of Key Assist Stage

Bitcoin was buying and selling within the inexperienced on Feb. 7, as costs rebounded following a close to collision with a key help level. Bulls have thus far rejected this transfer in direction of $22,500 and as a substitute pushed costs increased. Ethereum additionally rallied, with costs persevering with to commerce above $1,600.

Bitcoin

Bitcoin (BTC) rebounded from Monday’s lows in at the moment’s session, with costs racing again above the $23,000 stage.

Following a low of $22,692.03 to start out the week, BTC/USD raced to an intraday excessive of $23,119.28 earlier within the day.

The transfer comes as bitcoin bulls rejected a transfer in direction of a long-term help level at $22,500, and as a substitute purchased the dip.

Wanting on the chart, at the moment’s rebound sees BTC snap a five-day shedding streak, which got here following a six-month excessive final Thursday.

Tuesday’s reversal additionally coincided with the 14-day relative energy index (RSI) bouncing from a flooring of its personal at 60.00.

As of writing, the index is monitoring at 62.04, and appears to be on track to collide with a ceiling at 68.00.

Ethereum

Since rejecting a transfer under $1,600 on Monday, ethereum (ETH) has continued to search out stability, with costs edging increased at the moment.

ETH/USD moved to a peak of $1,653.72 to start out the day, which comes lower than 24 hours after falling to a backside at $1,611.32.

Because of this surge, the world’s second largest cryptocurrency seems to be heading in direction of a ceiling at $1,670.

ETH/USD – Each day Chart

One of many causes behind this leap has additionally been the RSI, which did not transfer under a flooring at 58.00, and is now at a studying of 60.16.

Along with this, the 10-day (pink) shifting common continues to be upward dealing with, which merchants see as a bullish sign.

If this momentum persists, there’s a robust chance that ethereum might be buying and selling near $1,700 in upcoming days.