Bitcoin’s Price Consolidation and Potential Breakout
– Bitcoin slipped slightly as markets anticipated the US consumer confidence report.
– BTC/USD dropped to an intraday low of $25,914.93.
– The price decline has kept bitcoin in consolidation, but there is optimism for a breakout.
– The relative strength index (RSI) has failed to surge past resistance at the 33.00 mark.
– Currently, the RSI is tracking at 30.72.
Ethereum’s Support Level and Potential Drop
– Ethereum edged lower, trading close to a support point.
– ETH/USD dropped to a bottom of $1,641.63.
– Ethereum once again fell below the support point of $1,650.
– The RSI remains in oversold territory with a reading of 30.92.
– There is a possibility that ethereum will move under $1,630.
Hot Take: Both Bitcoin and Ethereum are facing price consolidation and struggling to break through resistance levels. Traders are closely watching the RSI for indications of a potential breakout or drop. It remains to be seen how the upcoming consumer confidence report from the US will impact the cryptocurrency market. Stay tuned for further developments.
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