Bitcoin, Ethereum Technical Analysis: BTC surged above $17,000 on Wednesday and this moment describes the position of bitcoin in the global market and we can see its increment by following criterias.
Bitcoin soared to $17,000 on Wednesday as markets continued to weigh on reports consumer confidence and confidence among consumers fell to the lowest level since July in the wake of a lack of inflation in the world’s largest economy. Ethereum remained higher, trading near $1,300.
Bitcoin rallied above $17,000 in today’s session as the drop in confidence despite falling to a six-month low was less than expected and a suitably positive sign for the markets. After a low of $16,366.66, BTC/USD rose to a high of $17,021.67 earlier in the day. However, after the breakout of $17,000, a long-term resistance level also persisted, with some earlier bulls moving to secure gains as they improved their positions in the process, and as of writing, BTC is trading at $16,832.07. , and the 14-day Relative Strength Index (RSI) is trading below the range of 46.00, with it tracking at 45.72.
Ethereum (ETH) also moved higher as the price rallied for a second session. While ETH/USD touched a peak of $1,276.55 earlier in today’s session, that comes less than 24 hours after trading at a low of $1,205.78. As a result of today’s gains, where the world’s second largest cryptocurrency has reached its highest point since November 15.
Besides, the RSI now stands at 51.27, well above the key 50.00 mark. The target for ETH bulls appears to be $1,300, which was last hit on November 11, when the coin peaked at $1,307 and whole data shows a unique Identity of ethereum and bitcoin in market prospect.
