Following strong gains during Wednesday’s session, bitcoin and ethereum both saw prices consolidate below key resistance levels. BTC traded slightly above $47.300 while ETH trades close to $3,000. At the time of writing, global crypto market value was only 0.48% less.
Bitcoin
Bitcoin saw its price consolidate during Wednesday’s session, following strong gains on Tuesday, which saw BTC rise to multi-month highs.
BTC/USD declined to $46,746.21 on Wednesday as it failed to breach the $48,080 ceiling.
Today’s drop came as prices rose to a peak of $47,938.21. Bullish momentum did not seem to be as strong, though bulls may have made some gains in the past.
It is now unclear if these falls in prices will last. Bears are looking to enter to reverse the decline in strength.
The chart shows that the 14-day RSI is now tracking at 69. This indicates that it has started to fall.
If bears are looking to lower prices, they may be able to do so. With the 61 RSI Floor being a potential target, BTC could reach $44,000.
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Ethereum
Despite also falling in today’s session, ethereum continued to hover marginally above the $3,400 level.
At the time of writing, ETH/USD traded 1.70% lower as prices fell to $3,349.24 an intraday high.
Wednesday’s decline in price comes less than 24 hours after the world’s second largest cryptocurrency rose to a nearly four-month peak of $3,483.
The chart shows that one reason for the drop is because of overbought price strength.
The 14-day RSI remains above 70. This is near its peak since September 2013.
The bulls saw it as a good time to exit their positions. Bears, however, saw it as an opportunity to lower prices.
Can ETH bears push prices down despite current bullish momentum? Comment below to share your views.
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