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 larger. 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 degree.
Following a low of $22,692.03 to begin 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.
Trying on the chart, at the moment’s rebound sees BTC snap a five-day dropping 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 target to collide with a ceiling at 68.00.
Ethereum
Since rejecting a transfer beneath $1,600 on Monday, ethereum (ETH) has continued to seek out stability, with costs edging larger at the moment.
ETH/USD moved to a peak of $1,653.72 to begin the day, which comes lower than 24 hours after falling to a backside at $1,611.32.
On account of this surge, the world’s second largest cryptocurrency appears to be heading in direction of a ceiling at $1,670.
One of many causes behind this bounce has additionally been the RSI, which did not transfer beneath a flooring at 58.00, and is now at a studying of 60.16.
Along with this, the 10-day (purple) transferring common continues to be upward going through, which merchants see as a bullish sign.
If this momentum persists, there’s a robust risk that ethereum may very well be buying and selling near $1,700 in upcoming days.
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