Bitcoin was trading lower in today’s session, after failing to break out of a key resistance level of $19,600. Although bullish sentiment appeared to be returning to the market Monday, this momentum was not sustained. Ethereum also fell in today’s session, but remained above its recent price ceiling.
Bitcoin
Bitcoin (BTC), fell Tuesday as bears returned action after a failed breakout at the key resistance point.
BTC/USD slipped to an intraday low of $19,206.32 earlier in today’s session, moving away from Monday’s peak of $19,698.
Yesterday’s move saw the token briefly move past its ceiling of $19,600, however, after failing to maintain momentum, bulls vacated their positions.
As a result of today’s drop, the 14-day relative strength index (RSI) fell to a floor of 47.50, which is its weakest point since Saturday.
The index is currently tracking at 48.54 as bulls attempt to recover some market sentiment.
But, if bitcoin falls below that floor, it could be a sign that the price of bitcoin will drop to $19,000.
Ethereum
ETH/USD was also in the red on Tuesday, as traders appear to have consolidated their gains from yesterday’s session.
After a Monday move at $1,370, the ETH/USD price fell to $1,327.85 on Monday.
The token fell below $1,330 at first, but prices began to rebound as the day went on.
As of this writing, ethereum trades at $1,348.29. This shows that the current momentum is still largely bullish.
A downwards crossover has occurred between the 10-day and the 25-day moving averages, which may explain the change in sentiment.
A ceiling of $1.385 appears to still be the goal for traders over the next days, as shown in the chart.
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Is November the month that ethereum will continue its upward trend? Please leave your comments.
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