Bitcoin, Ethereum Technical Analysis: BTC Drops Below $23,000 as Market Volatility Increases
Bitcoin (BTC) fell to a 2-week low on Thursday and in the process certainly took the price down to a low of $23000. Certainly after an all day high of $23,191.32 we see bitcoin falling to a low of $22,458.26 in today’s session and as a result of this fall we can know that since January 26 bitcoin is at its lowest level. There was a downside correction and the price broke the key $22500 resistance. As we can see in the chart it definitely shows that the sell was displayed when the 14-day relative strength index dropped to a 1-month low after breaking below its highs. If we take a look at the indices, it is currently seen tracking at 56.50 which is slightly lower than its recent support level at 58.00 mark and after this year the price is definitely going to move lower and Bitcoin is now trading at $22,701.04 as of writing.
Ethereum ( ETH ) is also showing a slight uptrend and the sentiment in the market price has changed in the direction of slight bearish and we can say that the sentiment has turned bearish. ETH/USD is trading at a low of $1,615.06 so far in the Thursday session which we see less than 24 hours after hitting a high of $1,678.09 and certainly the world’s second biggest move from yesterday’s move. The cryptocurrency breaks down from its high of $1675 while it was unable to sustain the momentum and when we look at the charts we can see that it is targeting a floor at $1,600 as support for Ethereum. Whereas all advance prices so far have been rejected and This move is seen when the Relative Strength Index has found a relatively stable value yesterday at the mark of 57.00 and has definitely developed a new hope in it and at the time of writing we can see that Ethereum has recovered from earlier lows has reversed course and is currently trading at $1,632.90.
