Bitcoin, Ethereum Technical Analysis: BTC Consolidates on Tuesday, Following 8-Month High
Bitcoin retreated from earlier highs during Tuesday’s session as sentiment reversed after moving to a multi-month high. Prices rose to their highest level since last August at the start of the day, before the red wave swept over the market. Ethereum also fell, dropping below $1,700.
Bitcoin (BTC) fell from previous highs on Tuesday as the momentum in the cryptocurrency markets shifted rapidly throughout the day.
After a high of $25,126.85 earlier in today’s session, BTC/USD has since fallen to a low of $24,642.57.
Tuesday’s earlier high brought the world’s largest cryptocurrency to its strongest point since June 13.
Overall, prices fell as the bulls failed to break through the $25,200 resistance level.
In addition to this, the Relative Strength Index (RSI) also failed to rise above its own ceiling of 66.00.
At the time of writing, the index is trading at 63.29, slightly above the support zone at 61.00.
Ethereum (Ethereum) was also down in today’s session as the bears pushed prices below the $1,700 level.
Ethereum/USD fell to an intraday low of $1,671.98 on Tuesday, less than 24 hours after trading at a peak of $1,714.29.
Today’s drop has sent Ethereum below its long-term support at $1,675, which was mostly stable last week.
As with BTCThe price decline comes as the 14-day RSI retreated from the recent high of 61.00.
At the time of writing, the index is now tracking 57.28 and appears to be rapidly approaching a low of 57.00.
If the bears reach this bottom, Ethereum likely to trade below $1650.
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Credit : news.bitcoin.com