BTC traded higher during the hump day as bullish momentum increased. Prices once again tested a key resistance level above $20,000, with ETH also hovering around a ceiling of its own during Wednesday’s session.
Bitcoin
Bitcoin was trading in the green for most of Wednesday’s session, as bullish pressure continued to intensify.
The BTC/USD price was higher than $19,341.23 after a low on Tuesday.
The session saw prices rise to $20,635.47, surpassing the resistance level of $20,000.
As on Tuesday, bitcoin traded at $20,219.85, as of this writing.
But, if bulls are able to overcome this hurdle, we may see BTC moving closer to $22,000 as the ceiling.
The current resistance level at 38.20 on 14-day RSI may be broken and this run could begin.
Ethereum
ETH was marginally higher on Wednesday also, as prices continued to trade above $1,100 following yesterday’s surge.
As of this writing, USD/ETH has reached an intraday record of $1162.40, just marginally higher than its previous ceiling.
The $1,150 area has provided short-term resistance for seven days. However, bulls appear determined to move beyond it.
ETH traded at $1,146.38 on Wednesday, a decrease from the earlier gains.
The current volatility can be explained by the fact that relative strength is still below 42.
If the price resistance is overcome, it’s likely we’ll see bulls who will try to bring prices to $1,300.
Are we likely to see the RSI ceiling breach this week. Please leave your comments.
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