Bitcoin, Ethereum Technical Analysis: BTC Rebounds as Bulls Reject Breakout of Key Support Level
Bitcoin (BTC) definitely took a reading from Monday’s lows in today’s session as we see an upside move above the $23000 level. If we talk about it, after falling to a low of $22,692.03 to start the week, bitcoin/USD was able to reach an all-time high of $23,119.28 at the very heart of the day and held that level. We see this move only after the bitcoin bulls rejected or denied the move towards the long support point of $22500 and instead continued to buy again. Looking at the chart, we can infer or clarify that today’s rally saw bitcoin fall in 5 days from its close to 6 month high last Thursday. Certainly on Tuesday, the 14-day Relative Strength Index looks different to us as it has just been exposed with a move from its own bottom of 60.00 and at the time of writing we can see that the index is at 62.04. is tracking at 68.00, and is on its way to hitting the ceiling. After rejecting a lower move above $1600 on Monday, Ethereum continues to find stability with price gains again today.
ETH/USD moved to a high of $1,653.72 to start the day, which shows us less than 24 hours of falling to a low of $1,611.32, and as a result of this jump we can see that the world’s largest We see the major cryptocurrency moving towards a higher range of $1670 and we see the reason behind the jump. We can see that it has also been the Relative Strength Index, which has been able to make a floor move down at 58.00. failed, and is now at a reading of 60.16. Additionally, if seen, the 10-day red moving average is visible to us on the upside, and this can indicate what traders see as a bullish signal. If the momentum continues in this manner, there is a strong possibility that Ethereum may trade near $1,700 in the days to come.
