Bitcoin, Ethereum Technical Analysis: BTC Bulls Secure Gains, Following a Recent Multi-Month High
Bitcoin
Bitcoin bulls consolidated recent gains on Wednesday, as traders appeared to be capturing profits following recent highs.
BTC/USD edged to a low of $28,172.91 earlier in today’s session,
which comes a day after a high of $28,889.01.
Today’s price consolidation comes after the world’s largest cryptocurrency
rose to as high as $30,000 earlier in the week. Looking at the chart, the decline comes as the
14-day relative strength index (RSI) maintains its position marginally above a floor at the 62.00 level.
As of writing, the index is tracking at a reading of
62.28, after a failed breakout from a resistance
of 65.00 on Monday. Price may continue to consolidate until either the aforementioned floor or ceiling is broken.
Ethereum
Ethereum (ETH) made slight gains on hump-day, as it continued to hover
around the $1,580 mark. Following a
low of $1,554.40 on Tuesday, ETH/USD climbed to an intraday
peak of $1,584.73 during the day.
Earlier gains have since eased, with ethereum now trading
at $1,577.40, with short-term bulls still targeting the $1,600 zone. This may be difficult to achieve as momentum appears to be bearish, with the 10-day (red) moving average continuing to trend downwards.
Whilst at a reading of 45.75, a ceiling awaits ETH’s price strength at the 49.00 zone, and should it move beyond this, there will likely be an influx of bulls.
