bitcoin It continued to decline today and broke below the $24,000 level. After the rally last week, BTC’s upside has lost strength and triggered a bearish reversal. Ethereum, on the other hand, declined further as it broke below the $1,885 resistance level.
Bitcoin Technical Analysis
Bitcoin (BTC) also fell for the fourth consecutive session on Wednesday as the bearish trend returned to the crypto markets.
The leading crypto-asset registered a daily low of around $23,400 just one day after peaking at $24,407. The latest bearish pressure came after BTC bulls dumped their positions last week as prices entered overbought territory.
Since the 14-day “relative strength index (RSI)” hit 62.29, its strongest point since April, last week, prices have continued to post consecutive declines.
Looking closely at the chart, the RSI is now hovering at 54.19, which is marginally higher than the nearest support at 53.66.
Overall, it seems like traders are trying to send Bitcoin to these levels and this level represents an important point at which the next battle between bulls and bears can be seen.
Ethereum Technical Analysis
Ethereum On the other hand, things are not going as expected and a decrease was recorded for four consecutive days. After the $1,862 low on Tuesday, ETH/USD rallied as high as $1,951 later in the session as the bulls tried to rally.
However, the bearish wave also engulfed Ethereum and prices plummeted. The bulls also lost strength as a result of the dips and the price declined below $1,862.
Similar to Bitcoin, the RSI level has followed the price strength dropping significantly over the past few sessions, dropping from a high of 71.89 to a low of 61.92 today.
If ETH reaches this base level, there will be an increase in price uncertainty as the bulls try to buy on the dips, thus preventing prices from falling below $1,800. Despite the four-day bearish streak, Ethereum is still trading 10% higher from the same spot last week.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.