Following yesterday’s price decline, bitcoin stabilized in Thursday’s session, with prices hovering just below $21,000. Bulls are trying to takeBTCback toward this resistance level, which was broken as a result of Wednesday’s sell-off.
Bitcoin
BTCtraded just below $21,000 on Thursday, with prices rebounding slightly after a hump day decline.
Following Wednesday’s low of $19,848.08,BTC/USD rose to an intraday high of $20,835.75 earlier in the session today.
This move comes as the bulls look to break out again from the current resistance at $21,100, which has been in place for the past week.
With the 14-day RSI now above its own resistance level, hopes for a breakout will increase.
As you can see from the chart, the 30.50 ceiling, which did not give way for almost 10 days, has finally been broken.
The next resistance line would be at 36.60. If we can see relative strength move to this point,BTCcould trade above $22,000.
Ethereum
ETHappears to have gotten over Wednesday’s anxiety hump and is back in the green on Thursday.
The price of the world’s second-largest crypto token rose to an intraday peak of $1,119.61, less than a day after this dropped nearly back below $1,000.
As a result of today’s price rebound, bulls will likely try to maintain this momentum, and some will look to key resistance points.
This ceiling is at the $1190 level and is the main obstacle that could preventETHthe main obstacle that could prevent a move back to $1200.
The Relative Strength Index is at its highest level in nearly two weeks, and overall bullish momentum is evident.
As of this writing, the index is hovering at 32, with the next resistance level at 35.85.
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