Bitcoin fell to a one-week low on April 19, as the market moved into consolidation after its recent bull run. Following today’s red wave, prices approached a breakout below the $29,000 level earlier in the session. Ethereum also fell, falling below the $2,000 level.
Bitcoin (BTC) turned lower on Wednesday as the market began to consolidate following recent price gains.
Following a high of $30,470.30 on Tuesday,BTC/USD bottomed at the $29,102.17 level early in the day.
This low brought bitcoin to its lowest level since April 10, when the price last fell below $29,000.
Overall, today’s sell-off appears to have occurred as the 14-day Relative Strength Index (RSI) fell below the 59.00 floor.
As of this writing, the index is hovering at 54.97, with the next support point at the 55.00 mark.
If this level is reached, it is likely thatBTCwill trade around the $28,600 floor.
in addition toBTC, Wednesday’s red wave also pushed down Ethereum (ETH), with prices falling below $2,000.
ETH/USD hit a low of $1,967.17 earlier today, less than 24 hours after trading at a peak of $2,121.53.
The move took Ethereum below its recent price low of the $2,030 level, with some eyeing a lower low of $1,830.
Finally,ETHhas been relatively overbought in recent days, with the RSI hitting over 75.00 earlier in the week.
This has allowed the bears to re-enter the market, pushing price strength to the current reading of 55.00
A floor of 51.00 could be a target for sellers, and if that happens we will almost certainly seeETHtrading below $1900.
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