Bitcoin prices dropped during the hump-day session, as bulls were unable to maintain Tuesday’s gains. The world’s largest cryptocurrency once again fell below the $30,000 level, whilst ETH also moved lower.
Bitcoin
Following a slight rally in price during Tuesday’s session, bearish sentiment returned to markets on Wednesday.
BTC/USD dropped to $29570.30 after this sentiment. This was less than 24 hours following trading at $30,694.49.
Wednesday’s low sees a continuation of price consolidation, as traders continued to navigate through the current volatility within markets.
As a result of today’s move, bitcoin is now moving closer to a support level of $28,800, with the 14-day RSI remaining deep in oversold territory.
The chart shows that this indicator is tracking at 33.87 at the moment, just marginally lower than its ceiling at 35.
We discussed this Tuesday. It’s unlikely we will see consolidation end unless the current level of consolidation is broken.
Ethereum
Whilst ETH also slipped in today’s session, it was able to once again remain above $2,000, despite a drop in price.
ETH/USD fell to an intraday low of $2,015.97 earlier in the day, which is just over 3% lower than yesterday’s high of $2,113.06.
Today’s move means that ETH is now trading around $80 away from its resistance point of $1,950.
A lot of people believe that this floor may be touched in the upcoming sessions. Especially with the RSI still hovering below its ceiling at 34.
Moving averages also tend to trend lower with the 10-day and 25 day moving averages both extending downward.
Overall, ETH has fallen 2.09% to the moment, but there is no sign of that bearish pressure abating.
Which direction do you see BTC/ETH heading by the end of the week. Comment below to share your views.
Credits for the imageShutterstock. Pixabay. Wiki Commons
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