Bitcoin, Ethereum Technical Analysis: BTC Nears Breakout Below $29,000 on Wednesday
Bitcoin fell to a one-week low on Apr. 19, as markets moved into consolidation following a recent bull run. Following today’s red wave, prices neared a breakout below the $29,000 level earlier in the session. Ethereum also declined, falling below $2,000. Bitcoin
Bitcoin (BTC) moved lower on Wednesday, as markets began to consolidate following recent gains in price.
Following a high of $30,470.30 on Tuesday, BTC/USD dropped to a bottom at the $29,102.17 mark earlier in the day.
The low sent bitcoin to its lowest point since April 10, which is when price was last below $29,000. Bitcoin chart by TradingView
Overall, it appears that today’s sell-off took place as the 14-day relative strength index (RSI) fell below a floor at 59.00.
At the time of writing, the index is tracking at 54.97, with the next visible point of support at the 55.00 mark.
Should this level be hit, there is a good chance that BTC will be trading around a floor at $28,600. Ethereum
In addition to BTC, Wednesday’s red wave also pushed ethereum (ETH) lower, with the price dropping below $2,000.
ETH/USD hit a low of $1,967.17 earlier today, which comes less than 24 hours after it traded at a peak of $2,121.53.
The move came as ethereum fell below its recent price floor at the $2,030 level, with some eyeing a lower floor at $1,830. Ethereum chart by TradingView
Ultimately, ETH was relatively overbought in recent days, with the RSI hitting a reading above 75.00 to start the week.
This led to bears reentering the market, which have now pushed price strength to a current reading at 55.00
A floor at 51.00 could be the target for sellers, which would almost certainly see ETH trading under $1,900.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum
What is behind today’s red wave? Leave your thoughts in the comments below. Eliman Dambell
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: DOGE Loses Five Days" Worth of Gains on Wednesday MARKET UPDATES | 8 hours ago Biggest Movers: LINK Jumps to 6-Month High, LTC Back Above $100 MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRussia Developing Payment Gateways With Partners Like Turkey, Mulling Crypto Settlements Next articleMusk to Launch ‘Truthgpt,’ Says Microsoft-Backed Chatbot Is Trained to Lie 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 ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher