Following a move towards $32,000 to start the week, BTC was fighting to stay above $29,000 during Tuesday’s session. Prices were almost 8% lower as a result of the “red wave” that captured Bitcoin Bulls.
Bitcoin
After a positive start to the week bitcoin traded lower as its prices fell below $30,000 after a strong week.
Tuesday’s selloff saw BTC/USD slip to an intraday low of $29,311.68, which is over 7% lower than yesterday’s peak at $31,693.29.
On Monday prices broke through its $30,000.500 ceiling, but they were unable to breach the $31,550 higher resistance level, which was an entry point point for bears.
Looking at the chart, today’s candlestick appears to be a bearish engulfing candlestick, which has wiped out the precious three days of gains.
Although the price of the stock market is still above $29,000 but it has been trading, the floor will be broken and the support level at $28,800 would likely become the goal.
The 14-day RSI was at 44.20 as of this writing. It is fast approaching its support level at 43.30.
This will most likely result in the bears reaching their price target if it is not broken.
Ethereum
ETH’s prices have been hovering lower since the beginning of the week. Prices today dropped to almost a fortnight below their highest point.
The world’s second largest crypto token fell by nearly $2,000 in the last 24 hours, hitting its lowest point since May 28.
Tuesday’s intraday low in ETH/USD saw it drop to a bottom of $1,729.41, breaking below its floor of $1,750 in the process.
Prices of the token fell to $1,761.81 after hitting this level.
Overall, prices are 6.71% lower than Monday’s high, with bearish momentum going from strength to strength.
If this pressure continues, it’s likely that ETH trades in the $1,600 area within the next few hours.
Is ETH likely to fall below the $1,750 floor next week? Comment below to share your views.
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