Despite prices rallying in today’s session, bitcoin continued to trade below $20,000 on Wednesday following recent declines. Although ETH traded slightly higher than bitcoin, it was still trading below $1,100. Crypto markets had risen nearly 1% as of the writing.
Bitcoin
Bitcoin trades slightly higher than usual on Wednesday. However, prices for the token remain below $20,000 due to a recent sale.
The world’s largest cryptocurrency rose to an intraday high of $19,973.58 in today’s session, as bulls attempted to reenter the $20,000 region.
After a losing four day streak, sentiment is still bearish and bulls are hesitant about entering long positions.
Today’s bounce came as the 14-day RSI also rose, briefly breaking out of its previous support, which is now acting as a new resistance level at 37.40.
The chart shows that bulls historically have bought dips at this point. Should the 10-day moving mean continue climbing, then we may see more momentum.
The Relative Strength Index currently stands at 38.63. There is a ceiling of 41.60.
Ethereum
Like bitcoin, ETH also rebounded in today’s session, as it too snapped a four-day losing streak on hump day.
The ETH/USD traded at $1,086.58 as of Wednesday’s writing. This is less than one day after it was trading at $1,037.56.
Following yesterday’s low, which saw prices fall below support at $1,050, bulls opted to push the token higher, by buying the dip.
The chart shows that the decision to buy was made when price strength did not break above its floor of 35.50. This likely signaled traders.
The token’s overall price is now down almost 6% compared to last week. However, prices are stable considering that they were below $900 a month ago.
Bulls are likely to be positive about a possible rally in the price given that the floor is holding. However, we’ll likely continue to see consolidation up until then.
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