Bitcoin fell to a one-week low on April 19, as markets consolidated after a recent bull run. After today’s wave of red, prices were close to a break below the $29,000 level at the beginning of the session. Ethereum also declined, falling below $2,000.
Bitcoin
bitcoin (BTC) moved lower on Wednesday as markets began to consolidate following recent price gains.
After a high of $30,470.30 on Tuesday, BTC/USD fell to a bottom at the $29,102.17 mark earlier in the day.
The low sent bitcoin to its lowest point since April 10, which is when the price was last below $29,000.
Overall, it looks like today’s selloff took place as the 14-day RSI fell below a bottom at 59.00.
At time of writing, the index is at 54.97, with the next visible point of support at the 55.00 mark.
If this level is reached, there is a good chance that BTC It will trade around a flat at $28,600.
Ethereal
In addition to BTCWednesday’s red wave also pushed ethereum (ETH) lower, with the price dipping below $2,000.
ETH/USD hit a low of $1,967.17 today, less than 24 hours after it traded as high as $2,121.53.
The move came as Ethereum dipped below its recent price floor at the $2,030 level, with some targeting a lower floor at $1,830.
Finally, ETH It has been relatively overbought in recent days, with the RSI reaching a reading above 75.00 to start the week.
This caused the bears to re-enter the market which has now brought price strength to a current reading of 55.00.
A floor at 51.00 could be the target for sellers, who would almost certainly see ETH trading below $1,900.
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What is behind today’s red wave? Leave your thoughts in the comments below.
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