Technical Analysis: Bitcoin rebounds momentarily, after the Russian invasion of Ukraine
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In the wake of Russia's invasion of Ukraine, volatility in Bitcoin and Ethereum prices intensified, with both falling to one-month lows on Thursday. Since then both have pulled away from these declines so far today, in what appears to be a temporal consolidation. Bitcoin Cryptocurrency markets rose more than 7% on Friday, with Bitcoin trading 8% higher.
On the weekend. This follows a drop of $34,997.01 yesterday, with BTC/USD hitting an intraday high of $38,968.84 earlier in today's session.
Friday's movement is witnessing a temporary recovery
BTC, and is approaching the key level of $40,000, which it has not reached since the beginning of the week. BTC/USD – Daily Chart Looking at the chart, the RSI for 14 days
It has also deviated slightly, and now appears to be consolidating below the resistance of 43.8.
As long as prices remain between the minimum levels
$37,240 and the ceiling set at $39,640, market uncertainty is likely to extend. However, the current sentiment appears to be more bearish, as the 10-day moving average continues to trend lower. Ethereum The price of ETH was also marginally higher, as bulls appear reluctant to let the world's second-largest cryptocurrency fall below its long-term support.
As of writing, ETH/USD is trading 9.20% higher, having risen to a peak of $2,689.05, following Thursday's intraday low of $2,341.72. Price strength has also increased, with the 14-day RSI beyond the recent resistance point at 39.60, and is currently tracking at 40.80.
ETH/USD – Daily Chart After the move, ETH is now just above a support level of $2,550, a level that has generated many bullish waves in the past. Despite this, traders are likely to remain cautious, as many fear that Russia's invasion of Ukraine will get worse, leading investors to take a...
Avoid taking risks. Source- Bitcoin, Ethereum Technical Analysis: Bitcoin Momentarily Rebounds, Following Russian Invasion of Ukraine – Market Updates Bitcoin News
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