The crypto market is submerged beneath a red tide as we approach the weekend after a strong week. Bitcoin and ethereum are both lower, giving up some of this week’s gains in the process.
Bitcoin
Bitcoin followed up Thursday’s volatile session with even more uncertainty today, as the world’s largest cryptocurrency was once again falling.
Following a rise to $45,101.17 yesterday, BTC/USD fell to an intraday low of $42,864.32 earlier in today’s session, as it appeared that bears were pushing prices towards support.
The selloff started after resistance of $44,750 was held during yesterday’s session, with bears piling in, in order to short bitcoin.
The 14-day Relative strength Index (RSI), which has been flatlining for the past week, is now at 60. This is overbought.
There are some who believe BTC/USD can go any direction with uncertain price strength, depending upon how momentum matures.
According to the constructed chart, the short-term 10-day (red-colored) moving average looks bullish. This is helped by the recent ascending triangle formation.
The bulls will wait and see if the other buyers are able to buy again.
Ethereum
Ethereum is trading close to 5% lower as of writing, as the world’s second largest cryptocurrency looks set for consolidation.
ETH/USD plunged to an intraday low at $3,018.56 Friday. It is the lowest price ETH have seen this week.
Ethereum fell slightly from its resistance level at $3,285, but this move seems to have been a fake break.
According to recent momentum, prices have hit a string of high-water mark, as shown by the ascending triangular. But, a wall appears to have been built, which seems like it is stopping any further growth.
Could bulls use today’s low as a chance to “buy the dip”? Please leave your comments.
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