Bitcoin was once again trading above $28,000 on Tuesday, as the 10-day and 25-day moving averages neared a death cross. The two trend lines have moved closer to one another, with an upwards bullish crossover somewhat imminent. Ethereum was also marginally higher today.
Bitcoin, Ethereum Technical Analysis: BTC Back Above $28,000, as ‘Death Cross’ Approaches
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Bitcoin
Bitcoin ( BTC) jumped back above $28,000 on Tuesday, with a possible death cross signaling upcoming bullish momentum.
BTC/USD hit a peak of $28,044.76 today, following a low at $27,563.88 earlier in the session.
Today’s move led to bitcoin remaining close to a three-week high at $28,473, which was marginally below a ceiling at $28,500.
Looking at the chart, Tuesday’s rebound comes as the relative strength index ( RSI) remained above a floor at 53.00
At the time of writing, the index is now tracking at 54.29, with a ceiling of 57.00 still a possible target for current bulls.
As the session has progressed, earlier gains have somewhat slipped, as market uncertainty remains high.
Ethereum
Ethereum ( ETH) was relatively more stable during today’s session, remaining above $1,900 for the majority of the day.
Following a low of $1,879.08 on Tuesday, ETH/USD raced to an intraday high of $1,916.57, as the session matured.
Similar to BTC, this move saw ethereum continue to track close to its strongest point since May 8.
An upwards crossover of the 10-day (red) and 25-day (blue) moving averages has already occurred, which could likely entice further bulls to reenter the market.
In the event this happens, a ceiling at $1,930 will be one of the last points of resistance preventing a move above $2,000.
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