Bitcoin retreated from earlier highs during Tuesday’s session, as sentiment shifted following a move to a multi-month high. Prices surged to their highest point since last August earlier in the day, prior to a red wave sweeping through the market. Ethereum has also dropped, falling below $1,700.
Bitcoin, Ethereum Technical Analysis: BTC Consolidates on Tuesday, Following 8-Month High
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Bitcoin
Bitcoin ( BTC) fell from earlier highs on Tuesday, as momentum in cryptocurrency markets rapidly changed as the day has progressed.
Following a high of $25,126.85 earlier in today’s session, BTC/USD has since gone on to fall to a low of $24,642.57.
Tuesday’s earlier high sent the world’s largest cryptocurrency to its strongest point since June 13.
Overall, prices slipped as bulls were unable to force a breakout of a resistance level at the $25,200 mark.
In addition to this, the relative strength index ( RSI) also failed to move beyond its own ceiling at 66.00.
As of writing, the index is tracking at 63.29, which is marginally above a support zone at 61.00.
Ethereum
Ethereum ( ETH) also moved lower in today’s session, as bears pushed prices below the $1,700 level.
ETH/USD plunged to an intraday low of $1,671.98 on Tuesday, less than 24 hours after trading at a peak of $1,714.29.
Today’s drop sees ethereum move below its long-term support point at the $1,675 mark, which has been mainly stable for the past week.
Like with BTC, the decline in prices comes as the 14-day RSI retreated from a recent ceiling at 61.00.
As of writing, the index is now tracking at a reading of 57.28, and appears to be rapidly nearing a floor of 57.00.
Should bears hit this bottom, ETH will likely be trading below $1,650.
Register your email here to get weekly price analysis updates sent to your inbox:
Are markets consolidating looking ahead to tomorrow’s FOMC minutes? Leave your thoughts in the comments below.
