4 months ago 2 min read

Bitcoin and Ethereum Technical Analysis: Declining on Black Friday


On November 25, Bitcoin fell slightly when markets resumed trading after the U.S. Thanksgiving is observed. Overall, there was a lot of consolidation on the cryptocurrency markets throughout today's session, with the total market value rising by 0.12% as of this writing. Additionally, Ethereum remained virtually unaltered, with the token circling around $1,200.


Following the U.S., cryptocurrency markets consolidated on Friday, leaving Bitcoin (BTC) largely unchanged. Thanksgiving is observed.

BTC/USD reached a high of $16,641.32 on Thursday before dropping to an intraday low of $16,388.40 earlier today.

A three-day winning streak was broken today by the downturn, and BTC is now getting closer to a recent support level of $16,200.

The 14-day relative strength index (RSI), as seen on the chart, has been struggling to break through a ceiling at 41.00.

As of right now, neither bulls nor bears are gaining control of the market attitude as the index is tracking at 40.04.

However, if bulls are successful in breaking through the 41.00 resistance level, BTC may rise toward $17,000.


The second-largest cryptocurrency in the world, Ethereum (ETH), was consolidating in today's session and was back below $1,200.

Early in the day, ETH/USD touched a low of $1,174.82, less than 24 hours after reaching a high of $1,203.98.

This decline caused ETH/USD to drop below support at $1,180. However, as the day went on, the price rose again.

The RSI is currently tracking at a level of 42.75, below a ceiling of 43.00, while the price of Ethereum is currently trading at $1,196.60.

Furthermore, the 10-day (red) moving average is presently heading sideways, which seems to be a promising indication that recent downward pressure has subsided, at least temporarily.

More ETH bulls may return to the market in anticipation of an uptrend if this trend line starts to budge.

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