Bitcoin, Ethereum Technical Analysis: BTC Back Above $23,000 After Tesla Q4 Earnings Report
Bitcoin (BTC) soared to a 5-month high earlier in today’s session as the market reacted to Tesla’s latest quarterly report as well as expressed its views. If we look at the report that was released with yesterday’s closing bull, it shows that the electronic vehicle maker hasn’t sold any of its bitcoins yet. After this news bitcoin managed to reach a high of USD$23,722.10 which in the process reached its highest and strongest point and value point since 17th August and looking at the chart we can say that This move saw bitcoin break the $23500 range once again and now it appears to have hit the $22500 floor. If we take a look at today’s charts and balance sheet, we find that the 14-day Relative Strength Index overbought With the move back to the D region, the earlier gains have somewhat diminished. Certainly at the time of writing this index is tracking at 80.77 which is present with a support point of 78.00 a possible target on the next view.
Additionally, Ethereum also reversed course in today’s session, moving above the $1,600 level. definitely Ethereum which on Wednesday
After falling to a low of $1,535.00, it managed to reach an advanced high of $1,632.24 in a day after Tesla’s earnings call, and as a result of this move, we see the world’s second largest cryptocurrency above its recent resistance of $1600. Has risen above the level or point. The previous bulls have exited their positions to some extent and opted to take profits and the price has re-entered. Ethereum’s 14-day relative strength index is currently sitting at 67.07, and appears to be rising to a higher range around the 75.00 mark and if it does, it is likely that Ethereum will hit the higher range of $1685.