Bitcoin, Ethereum Technical Analysis: BTC Back Above $28,000 Following Comments from Joe Rogan, Sam Altman
Bitcoin traded above $28,000 to start the weekend, after Joe Rogan commented that it had a chance of becoming a “universal viable currency.” Additionally, traders also reacted to yesterday’s U.S. nonfarm payrolls, which rose by 336,000 in September, more than the 170,000 many had expected. Ethereum was marginally higher on Saturday.
Bitcoin
Bitcoin (BTC) continued to trade around the $28,000 level on Saturday, as traders responded to podcast phenom Joe Rogan, discussing the cryptocurrency.
Speaking to founder of Openai Sam Altman, Rogan said, “That’s the one that has the most likely possibility of becoming a universal viable currency.”
BTC/USD peaked at $28,252.54 following the comments, following a low at $27,215.55 during Friday’s session.
BTC/USD – Daily Chart
Looking at the chart, the move came after the relative strength index (RSI) broke out of its own price ceiling at 61.00.
Currently, price strength is now tracking at a reading of 62.25, with the next visible ceiling at the 65.00 mark.
Should the index reach this point, there is a strong possibility that bitcoin will be trading above $28,500.
Ethereum
Despite not being lauded by Rogan, ethereum (ETH) also made marginal gains to start the weekend.
Following a low of $1,613.38 on Friday, ETH/USD moved to an intraday high of $1,659.61 as the session progressed.
As of writing, gains have somewhat faded, with the world’s second largest cryptocurrency now trading at $1,641.61.
ETH/USD – Daily Chart
The 14-day RSI on ethereum is now hovering near a resistance of 50.00, however unlike BTC, it has not yet been able to break out of this zone.
In the event this takes place in the coming hours, ethereum bulls will likely make another run for the $1,700 level.
