Bitcoin, Ethereum Technical Analysis: BTC, ETH Move Lower on Black Friday

Bitcoin was marginally lower on Nov. 25, as markets returned to action following the U.S. Thanksgiving holiday. Overall, cryptocurrency markets were mostly in consolidation in today’s session, with the global market cap up 0.12% as of writing. Ethereum was also largely unchanged, with the token hovering below $1,200.

Bitcoin

Bitcoin (BTC) was mostly unchanged on Friday, as cryptocurrency markets consolidated, following the U.S. Thanksgiving holiday.

Following a high of $16,641.32 on Thursday, BTC/USD fell to an intraday low of $16,388.40 earlier in today’s session.

Today’s decline saw a three-day winning streak snapped, with BTC moving closer to a recent support point of $16,200.

Looking at the chart, this comes as the 14-day relative strength index (RSI) failed to break out of a ceiling at 41.00

The index is currently tracking at 40.04, with neither bulls or bears taking hold of market sentiment.

However, should bulls manage to break out of the 41.00 resistance point, then we could likely see BTC move towards $17,000.

Ethereum

Ethereum (ETH) was once again below $1,200, as the world’s second largest cryptocurrency also consolidated in today’s session.

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

As a result of this drop, ETH/USD slipped below support at $1,180. However, as the day has progressed, price has rebounded.

Currently, ethereum is trading at $1,196.60, with the RSI tracking at a level of 42.75, which is below a ceiling at 43.00.

In addition to this, the 10-day (red) moving average is currently trending sideways, which seems to be a positive signal that recent downward pressure has eased, for now.

Should this trend line begin to shift, we could see more ETH bulls return to the market, in anticipation of an uptrend.

Register your email here to get weekly price analysis updates sent to your inbox:

Could we see ETH hit $1,300 before the end of the month? Leave your thoughts in the comments below.