Bitcoin, Ethereum Technical Analysis: BTC Reaches Highest Point Since September
In today’s session we see bitcoin (BTC) rising again and it seems to be flying higher above a key level of $21400 and in the process reaching a multi-month high and we are definitely It can be said that this boom is commendable in the crypto sector. After a low of $21,120.16, bitcoin managed to reach a key level of $21,438.66 in the early hours of Wednesday’s session. The surge in value has seen the world’s biggest and strongest cryptocurrency climbing to its best ever since September 13, and the figure comes as US retail sales figures are being prepared for release. which is expected to decline from -0.6% to -0.8%. We can take a look at the 14-day Relative Strength Index data from the chart which shows the price power hovering in the overbought zone as it stands at 87.92. The next visible point of resistance is seen at the 90.00 mark which poses a challenge for the longer term.
Ethereum ( ETH ) also moved marginally higher on Wednesday as it would like to trade near the $1600 range. ETH/USD recovered from a low of $1,562.06 to a high of $1,594.00 in less than 24 hours. Today’s rise in price means that Ethereum has climbed higher in ten of the past 11 sessions.
As of writing, the 14-day Relative Strength Index stands at 84.18, which is in the same overbought zone as Bitcoin, and looking at the chart, we can see that the last time Ethereum touched this point was in early November. Had traded and after that there was a huge fall in the same price. Many technical traders will take note of this and the fear of history repeating itself can even lead to liquidation of existing positions.
