Bitcoin, Ethereum Technical Analysis: BTC Remains Below $24,000 After Falling for Fourth Consecutive Session

Bitcoin, Ethereum Technical Analysis: BTC Remains Below $24,000 After Falling for Fourth Consecutive Session

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by Eliman Dambell
Bitcoin continued to commerce under $24,000 at the moment, because the token fell for a fourth consecutive session. Following final week’s bullish run, upwards momentum in crypto has eased, resulting in a return of bearish sentiment. Ethereum was additionally decrease, because it dropped under its resistance of $1,885.
Bitcoin (BTC) fell for a fourth consecutive session on Wednesday, as bearish sentiment returned to cryptocurrency markets.
The world’s largest crypto token slipped to an intraday low of $23,733.50 on hump day, lower than a day after residing at a peak of $24,407.06.
This latest bearish strain has come as BTC bulls vacated final week’s positions, as costs entered overbought territory.
Because the 14-day relative energy index (RSI) hit a excessive of 62.29 final week, which was its strongest level since April, costs have gone on to report back-to-back declines.
Wanting on the chart, the RSI is now monitoring at 54.19, which is marginally greater than the closest assist level at 53.66.
Total, it appears to be like like merchants try to ship BTC to this ground, and that time is the place the following battle will happen between bulls and bears.
Hump-day has additionally seen ethereum (ETH) transfer decrease for a fourth straight day, with at the moment’s decline marginally decrease than yesterday’s backside.
Following a low of $1,862.74 on Tuesday, ETH/USD went on to hit a excessive of $1,951.68 later within the session, as bulls tried a rally.
Nevertheless, a pink wave as soon as once more swept markets, washing away these bulls, and consequently costs fell to a backside of $1,862.74 at the moment.
Like bitcoin, the decline comes as value energy considerably declined over the previous few periods, transferring from a peak of 71.89, to a low of 61.92 at the moment.
Ought to ETH hit this ground, there’ll probably be a rise in value uncertainty, as bulls try to purchase the dip, and in flip forestall costs from falling under $1,800.
Regardless of the four-day shedding streak, ethereum continues to be buying and selling over 10% greater from the identical level final week.
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Analysis, Bitcoin, ETH, Ethereum, TA

Will we see bearish sentiment proceed all through the week? Depart your ideas within the feedback under.
Eliman brings a eclectic perspective to market evaluation, having labored as a brokerage director, retail buying and selling educator, and market commentator in Crypto, Shares and FX.

Picture Credit: Shutterstock, Pixabay, Wiki Commons
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