Bitcoin, Ethereum Technical Analysis: BTC Rebounds, as Bulls Reject Breakout of Key Support Level

Bitcoin was trading successful the greenish connected Feb. 7, arsenic prices rebounded pursuing a adjacent collision with a cardinal enactment point. Bulls person truthful acold rejected this determination towards $22,500 and alternatively pushed prices higher. Ethereum besides rallied, with prices continuing to commercialized supra $1,600.

Bitcoin

Bitcoin (BTC) rebounded from Monday’s lows successful today’s session, with prices racing backmost supra the $23,000 level.

Following a debased of $22,692.03 to commencement the week, BTC/USD raced to an intraday precocious of $23,119.28 earlier successful the day.

The determination comes arsenic bitcoin bulls rejected a determination towards a semipermanent enactment constituent astatine $22,500, and alternatively bought the dip.

BTC/USD – Daily Chart

Looking astatine the chart, today’s rebound sees BTC drawback a five-day losing streak, which came pursuing a six-month precocious past Thursday.

Tuesday’s reversal besides coincided with the 14-day comparative spot scale (RSI) bouncing from a level of its ain astatine 60.00.

As of writing, the scale is tracking astatine 62.04, and seems to beryllium connected people to collide with a ceiling astatine 68.00.

Ethereum

Since rejecting a determination beneath $1,600 connected Monday, ethereum (ETH) has continued to find stability, with prices edging higher today.

ETH/USD moved to a highest of $1,653.72 to commencement the day, which comes little than 24 hours aft falling to a bottommost astatine $1,611.32.

As a effect of this surge, the world’s 2nd largest cryptocurrency looks to beryllium heading towards a ceiling astatine $1,670.

ETH/USD – Daily Chart

One of the reasons down this leap has besides been the RSI, which failed to determination beneath a level astatine 58.00, and is present astatine a speechmaking of 60.16.

In summation to this, the 10-day (red) moving mean continues to beryllium upward facing, which traders spot arsenic a bullish signal.

If this momentum persists, determination is simply a beardown anticipation that ethereum could beryllium trading adjacent to $1,700 successful upcoming days.

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