Bitcoin and Ethereum Experience Price Declines
Bitcoin:
– Bitcoin has seen a second consecutive session in the red, with profit-taking and bearish sentiment affecting the price.
– After reaching a peak of $27,490.77, BTC/USD dropped to a low of $27,069.21.
– The decline coincided with the 14-day RSI failing to move beyond 53.00.
– The RSI is currently at 47.50, and if momentum continues, the price may drop below $27,000.
Ethereum:
– Ethereum has also experienced a decline, falling below the $1,700 level.
– ETH/USD dropped to a low of $1,697.15 after reaching a high of $1,721.62.
– The decline is likely due to profit-taking after a surge earlier in the week.
– For the momentum to continue, a breakout above the 49.00 level on the RSI is needed.
– The price is currently above $1,700, with the RSI at 45.65.
Hot Take:
Both Bitcoin and Ethereum have seen price declines, with profit-taking and bearish sentiment impacting their performance. It will be important to monitor the RSI levels and any potential breakouts to gauge the future direction of these cryptocurrencies.
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