Although prices rose in today’s session, bitcoin continued its recent decline, trading below $20,000 on Wednesday.13} ETHalso rose slightly but its price is again trading below $1,100. Overall, the crypto market is nearly 1% higher at the time of writing.
Bitcoin
Bitcoin traded a bit higher on Wednesday, but the token’s price is still below $20,000 after the recent sell-off.
The world’s largest cryptocurrency rose to an intraday high of $19,973.58 in today’s session as the bulls tried to re-enter $20,000 territory.
However, sentiment remains bearish after a four-day losing streak, and bulls are somewhat cautious about taking long positions.
Bounce today as the 14-day RSI also rose, temporarily exiting previous support and now acting as new resistance at 37.40 It is.
Looking at the chart, bulls have historically bought dips around this point, and if the 10-day moving average continues to rise, momentum could continue to rise.
The Relative Strength Index is hovering at 38.63, with an upper limit of 41.60.
Ethereum
60} ETHalso rebounded in today’s session, as did Bitcoin, which also snapped a four-day losing streak on hump day.
At the time of writing,ETH/USD moved to a high of $1,086.58 on Wednesday, less than a day after trading at a low of $1,037.56.
Following yesterday’s low, which was below support at $1,050, bulls opted to push the token higher by buying dips.
As seen in the chart, the buying choice was likely because price strength failed to break its own floor at 35.50 likely to have been an important signal for traders.
Overall, the token is down about 6% from the same point last week, but prices have largely stabilized since dropping below $900 almost a month ago.
With the current lows holding firm, bulls are likely optimistic about the potential for price increases, but we will see further consolidation until that point.
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