After a slight rise in prices during Tuesday’s session, bearish sentiment returned to the market on Wednesday.
This sentiment sawBTC/USD fall to a bottom of $29,570.30 in less than 24 hours after trading at a peak of $30,694.49.
Wednesday’s lows see a continuation of price consolidation as traders continued to navigate the current volatility in the market.
As a result of today’s move, bitcoin is now approaching the $28,800 support level and the 14-day RSI remains deep in oversold territory.
Looking at the chart, the indicator is currently tracking at 33.87, just below the upper limit of 35.
As mentioned on Tuesday, there will be no end to consolidation unless this level is firmly breached.
60} ETHalso fell in today’s session but managed to hold above $2,000 again.
ETH/USD fell to an intraday low of $2,015.97, just over 3% lower than yesterday’s high of $2,113.06.
The move today means thatETHis now trading about $80 away from the resistance point of $1,950.
Some are predicting that this lower limit could be hit in the coming sessions, especially as the RSI is trending below the 34 upper limit.
Moving averages are also trending lower, with the 10-day and 25-day moving averages extending their respective downward directions.
Overall, theETHis currently 2.09% lower with no signs of this bearish pressure weakening.
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