Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Below Key Resistance Levels
Following robust positive factors throughout Wednesday’s session, bitcoin and ethereum each noticed costs consolidate beneath key resistance ranges. BTC remained marginally above $47,300, with ETH buying and selling near $3,400. The international crypto market cap was 0.48% decrease as of writing.
Bitcoin noticed its worth consolidate throughout Wednesday’s session, following robust positive factors on Tuesday, which noticed BTC rise to multi-month highs.
However on Wednesday, BTC/USD fell to an intraday low of $46,746.21, as costs didn’t maintain a breakout of the $48,080 ceiling.
Today’s drop got here as costs rose to a peak of $47,938.21. However, bullish momentum considerably eased as bulls possible secured some earlier positive factors.
Now the query can be whether or not or not these drops in worth will persist, with bears trying to enter the market with the intention to lead a reversal in worth energy.
Looking on the chart, the 14-day RSI has additionally begun to tail off, and now tracks at 69, which continues to be overbought.
Should bears look to maneuver costs decrease, this might be an element, with the 61 RSI ground being a degree they might be concentrating on, thus pushing BTC in the direction of $44,000.
Despite additionally falling in right now’s session, ethereum continued to hover marginally above the $3,400 stage.
As of writing, ETH/USD was buying and selling 1.70% decrease, as costs hit an intraday low of $3,349.24, following on from an earlier excessive of $3,466.67.
Wednesday’s decline in worth comes lower than 24 hours after the world’s second largest cryptocurrency rose to a virtually four-month peak of $3,483.
Looking on the chart, one of many causes for the decline is the truth that worth energy is deeply overbought.
This comes because the 14-day RSI continues to be monitoring above 70, which is near its highest level since September final 12 months.
Bulls possible noticed this as an opportune time to liquidate their positions, whereas bears considered it as a great level to push costs decrease.
Can ETH bears proceed to push costs decrease, regardless of the present momentum being bullish? Leave your ideas within the feedback beneath.