Bitcoin, Ethereum Technical Analysis: BTC Consolidates on Tuesday, Following 8-Month High

Bitcoin, Ethereum Technical Analysis: BTC Consolidates on Tuesday, Following 8-Month High

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

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. Bitcoin chart by TradingView

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. Ethereum chart by TradingView

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: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum

Are markets consolidating looking ahead to tomorrow’s FOMC minutes? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: BCH Hits Fresh Multi-Month High, Whilst MATIC Extends Declines  MARKET UPDATES | 7 hours ago Biggest Movers: SOL 11% Higher, BCH Hits Strongest Point Since July  MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleAwaken Completes $500k Seed Round Led By Hong Kong Incubator TopoStation Next articleOnecoin Cryptoqueen Killed in Greece in 2018, Report Claims Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItSEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale

Grayscale Investments" CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is "a Matter of When and Not ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method