Bitcoin wakes up and gets the upper side of the range; Ethereum up too

The king of cryptocurrencies is trading higher on Friday as investors are digesting Nvidia report on crypto mining. Bitcoin is consolidating gains above 6,500. Ethereum, on the other hand, is also up above 300.00.

Nvidia Corporation reported its second-quarter revenues after the bell on Thursday, and it said that crypto sales collapsed in the Q2, but it can’t fall much farther. Although Nvidia said the sales for crypto minors would drop by about two-thirds sequentially in the July quarter, CEO Jensen Huang also noted that “the existing mining capacity is still being used.”

Bitcoin gets above 6,500

BTCUSD daily chart August 17

BTCUSD daily chart August 17

BTC/USD is trading 3.8% up on the day at 6,555 as the pair is logging its third positive day in a row. The cross is now testing the upper side of the consolidation range that has been in play since August 8.

Technical conditions for BTC/USD have improved a lot as MACD is suggesting a change in the trend with the RSI showing significant improvement.

If the pair consolidates levels above the 6,500 area and it extends gains beyond the 6,600 resistance, it will find resistance at 6,900, where 20 and 50 days moving averages are moving. Above there, check for the 7,200 and the 8,000 levels as buying zones.

To the downside, a rejection of the 6,500 area would open the door for a retest of the 6,000 level. If it gets broken, 5,800 and 5,700 are the levels to watch.

Ethereum breaks above 300.00

ETHUSD daily chart August 17

ETHUSD daily chart August 17

ETH/USD is trading higher on Friday as bears are somehow exhausted at a fresh 2018 low around 250.00. After trading three days with a positive note, ETH/USD is currently trading 9.7% positive on the day at 314.50.

Technical conditions for the pair are improving as RSI is suggesting a game changer and MACD is reacting positively to the call.

If the pair consolidates the 300.00 level successfully, the next resistance will be found at the 360.00 area. Then, the 20-day moving average is at 365.00, and 50-day MA is at 420.00, both selling zones.

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