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.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.