BTCtraded higher on hump day as bullish momentum increased as the week progressed. Prices again tested a key resistance level above $20,000,with ETHalso hovering near its own ceiling during Wednesday’s session.
Bitcoin
Bitcoin traded in the green for most of Wednesday’s session as bullish pressure continued to build.
After hitting a low of $19,341.23 on Tuesday,BTC/USD rose over $1,000 from this point earlier today.
During the session, prices climbed to a peak of $20,635.47, surging past the $20,500 resistance point in the process.
As on Tuesday, after hitting this resistance line, gains declined somewhat and bitcoin is now trading at $20,219.85 trading at $20,219.85.
However, if the bulls finally succeed in overcoming this point, we could seeBTC approach a higher ceiling of $22,000, which would be a good thing, as it would be a good time for the market to see a move back up to $22,000.
A breakout of the current resistance level of 38.20 on the 14-day RSI indicator could start this run.
Ethereum
ETHrose modestly on Wednesday as it continued to trade above $1100 following yesterday’s surge.
At the time of writing,ETH /USD was up to an intraday high of $1,162.40 on Hump Day, just above its own ceiling.
This short-term resistance at the $1,150 level has been in place for the past seven days, and bulls appear to be willing to go above it.
Wednesday’s earlier rally has since declined andETH is currently trading at $1,146.38 trading at $1,146.38.
One of the reasons behind the current volatility is the fact that relative strength continues to hover below the ceiling 42.
If price strength eventually overcomes this obstacle, we could see a bullish inflow toward prices closer to $1300.
Image credit: Shutterstock, Pixabay, Wiki Commons