Bitcoin, Ethereum Technical Analysis: ETH declined below $1,300 after Monday’s breakout and on the basis of technical adjectives we can say that these prices create a belief in the mind of the investors.
Bitcoin (BTC) was consolidating in today’s session as the price retreated from a 3-week high on Monday and after a peak of $17,371.00 to start the week, BTC/USD hit a low of $16,922.43 earlier in the day. While it has recorded a fall that after yesterday’s rise in prices, customers and traders have turned to safe profit and they feel that they are now attracted to take profit while the index is trading at 48.14 level. Which is slightly below the ceiling of 50.00. While a break out is likely there will be a retracement of the $17,400 point in the coming days and the USD fell to a low of $1,252.47 earlier in the day, unable to sustain momentum above the $1300 mark. Ethereum is currently trading at $1,264.00, down almost 3 percent from Monday’s peak of $1,302.24, and like Bitcoin, Ethereum also declined today as the RSI moved above the 52.00 level to its all-time high. And currently we can say that the index rating is 50 point 18 with the world’s largest cryptocurrency trading at $1,263.60.
The 10-day (red) moving average hovers above its 25-day counterpart and is usually the longest bullish signal we get. We can assume that this activity drives down bitcoin prices and again creates a mistrust among customers where bitcoin prices are below normal and we expect prices to go up in the near future but Explanation of market trend and industry collapse proves that this price can remain upside down and accordingly it can also be said that this is the biggest backout since Monday.