Bitcoin, Ethereum Technical Analysis: BTC Consolidates on Tuesday After Hitting an 8-Month High
Bitcoin (BTC) declined from its earlier highs on Tuesday as momentum changed sharply in the cryptocurrency market as the day progressed and in today’s session after hitting an earlier high of $25,126.85, BTC/USD then to a low of $24,642.57 we see of course the first high on Tuesday sent the world’s strongest cryptocurrency to its strongest since June 13 and overall price declines as bulls $25200 The dollar was unable to overcome the resistance level. Further, if we look at the Relative Strength Index also failed to push its own higher range at 66.00 and till the time of writing, the index is tracking at 63.29, which is slightly above the support area at 61.00.
Talking about Ethereum ( ETH ), it just moved down in today’s session and pushed its price below the $1,700 level. Less than 24 hours after trading at a peak of $1,714.29, we found the coin falling to a low of $1,671.98 on Tuesday. Certainly, today’s decline took Ethereum away from its longest support point at the $1,675 mark which was located last week’s key level. Like BTC, the price turned lower when the 14-day RSI retraced from recent highs at 61.00. Certainly at the time of writing, the index is now tracking a reading of 57.28, and is fast approaching a floor of 57.00. We can say here that if the bears break this level, ETH could trade below $1,650.
