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Technical analysis: BTC, ETH head lower on Black Friday

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Update time : 2022-11-26

Bitcoin edged lower on Nov. 25 as markets resumed action after the U.S. Thanksgiving holiday. Overall, the cryptocurrency market is mostly in consolidation mode during today’s session, with the global market capitalization up 0.12% as of this writing. Ethereum was also largely unchanged, with the token hovering below $1,200.

bitcoin
Bitcoin ( BTC ) was little changed on Friday, as cryptocurrency markets consolidated after the U.S. Thanksgiving holiday.

BTC/USD fell to an intraday low of $16,388.40 earlier today, following Thursday’s high of $16,641.32.

Today’s drop broke a three-day winning streak that saw BTC close to near-term support at $16,200.

BTC/USD – daily chart

Looking at the chart, this is because the 14-day Relative Strength Index (RSI) failed to break above the upper limit of 41.00

The index is currently tracking 40.04, with neither bulls nor bears controlling sentiment.

However, if the bulls manage to break the 41.00 resistance level, then we could see BTC heading towards $17,000.

Ethereum
The world’s second-largest cryptocurrency is also consolidating today as Ethereum ( ETH ) dips below $1,200 again.

ETH/USD hit a bottom of $1,174.82 earlier in the day, less than 24 hours after hitting a high of $1,203.98.

As a result of this drop, ETH/USD fell below the support at $1,180. However, over time, prices have rebounded.

ETH/USD – daily chart

Currently, Ethereum is trading at $1,196.60 with the RSI tracking at 42.75, below the upper bound of 43.00.

Beyond that, the 10-day (red) moving average is currently trending sideways, which seems to be a positive sign that the recent downward pressure has eased.

If this trendline starts to turn, we may see more ETH bulls return to the market in anticipation of an uptrend.

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