Bitcoin, Ethereum Technical Analysis: BTC Edges Near $22,000 Ahead of US Inflation Report
Bitcoin ( BTC ) recently recovered from its recent losses in today’s session as its price moved closer to the $22000 level approx.
BTC/USD hit an all-day high of $21,849.01 earlier in the day and this comes after the coin fell close to a low of $21,460.09 on Monday.
In today’s action bitcoin has broken its 2 day downtrend and rejects its price after breaking out from the floor of $21500. Looking at the charts, the 14-day Relative Strength Index (RSI) rejects its own resistance and with it holds above its support on the index at 44.00 and we can see that the price strength is at 47.86 at the time of writing. The reading is on, with resistance at 50.00 nearby. Breaking this resistance point will be extremely necessary for bitcoin bulls to show the price above the $22000 mark. It is necessary for this.
Speaking of Ethereum (ETH), Ethereum climbed above the $1500 level on Tuesday as it re-entered the area of recent support points. To start the week we can see that after a low of $1,470.02, Ethereum managed to reach a peak of $1,514.08 earlier in today’s session and as a result of this decline we can see and analyze that The world’s second-largest cryptocurrency is once again trading above its long-term high at $1,505 even as the overall market sentiment remains bearish and the 10-day (red) moving average (MA) is above its 25- Along with its daytime (blue) counterpart, it is expanding its Death Cross. Also if we look at the relative strength index then we find that it has gained some support to lower the market current sentiment at the lower level of 44.00. It now remains to be seen whether the floor should be broken and there is a strong possibility that Ethereum will head towards the $1,450 mark.
