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

Bitcoin News

Bitcoin continued to trade below $24,000 today, as the token fell for a fourth consecutive session. Following last week’s bullish run, upwards momentum in crypto has eased, leading to a return of bearish sentiment. Ethereum was also lower, as it dropped below its resistance of $1,885.

Bitcoin

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, less than a day after residing at a peak of $24,407.06.

This recent bearish pressure has come as BTC bulls vacated last week’s positions, as prices entered overbought territory.

BTC/USD – Daily Chart

Since the 14-day relative strength index (RSI) hit a high of 62.29 last week, which was its strongest point since April, prices have gone on to record back-to-back declines.

Looking at the chart, the RSI is now tracking at 54.19, which is marginally higher than the closest support point at 53.66.

Overall, it looks like traders are trying to send BTC to this floor, and that point is where the next battle will take place between bulls and bears.

Ethereum

Hump-day has also seen ethereum (ETH) move lower for a fourth straight day, with today’s decline marginally lower than yesterday’s bottom.

Following a low of $1,862.74 on Tuesday, ETH/USD went on to hit a high of $1,951.68 later in the session, as bulls attempted a rally.

However, a red wave once again swept markets, washing away those bulls, and as a result prices fell to a bottom of $1,862.74 today.

ETH/USD -Daily Chart

Like bitcoin, the decline comes as price strength significantly declined over the past few sessions, moving from a peak of 71.89, to a low of 61.92 today.

Should ETH hit this floor, there will likely be an increase in price uncertainty, as bulls attempt to buy the dip, and in turn prevent prices from falling below $1,800.

Despite the four-day losing streak, ethereum is still trading over 10% higher from the same point last week.

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Will we see bearish sentiment continue throughout the week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




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