Bitcoin
Bitcoin (BTC) remained above the $29,000 mark despite bearish pressure increasing. BTC/USD dropped to an intraday low of $29,099.35, briefly falling below the support point at $29,200 before climbing back above it.
- The 10-day moving average crossed downward compared to the 25-day moving average.
- The relative strength index (RSI) is nearing a breakout below the floor at 41.00.
- If the RSI breaks out, BTC could potentially reach $28,000.
Ethereum
Ethereum (ETH) traded above its support point at $1,850 as it continued to consolidate. ETH/USD reached a low of $1,855.32 after peaking at $1,878.43.
- The RSI failed to move above the resistance level at 48.00.
- The RSI is on the verge of crossing this line, but momentum is still relatively weak.
- Traders’ reaction to the University of Michigan Consumer Sentiment report later in the day could potentially spark movement.
Hot Take
Bitcoin and Ethereum are currently facing bearish pressure, but the support levels are holding for now. The RSI for both cryptocurrencies indicates potential downward movement, but it remains to be seen whether they will break out of their respective supports. Traders should closely monitor the RSI and key support levels to make informed decisions.
By
By
By
By
By