Bitcoin's performance in today's trading session saw a brief pause, as traders chose to consolidate their gains following a recent two-month peak. Despite this, the global cryptocurrency market cap is trading just 0.01% lower, with Bitcoin remaining firmly above the $28,000 mark. Ethereum, on the other hand, has experienced a slight surge, continuing to hover around the $1,580 point.
Bitcoin enthusiasts saw the digital currency's recent gains consolidate on Wednesday, indicative of traders taking profits following a recent surge in value. During the course of today's trading session, BTC/USD slipped to a low of $28,172.91, following closely on the heels of a high of $28,889.01 just a day earlier.
The current consolidation in price follows a significant rise in value for the world's foremost cryptocurrency, which soared to a high of $30,000 earlier in the week. A glance at the chart reveals that this decline corresponds with the 14-day relative strength index (RSI) holding its position just above a floor at the 62.00 level. At the time of writing, the index is tracking at a reading of 62.28, following an unsuccessful breakout from a resistance of 65.00 on Monday. The price may continue to consolidate until either the aforementioned floor or ceiling is breached.
Ethereum (ETH) experienced minor gains mid-week, continuing its trend of hovering around the $1,580 mark. After a low of $1,554.40 on Tuesday, ETH/USD rose to an intraday high of $1,584.73 during the day. However, earlier gains have since subsided, with Ethereum now trading at $1,577.40. Despite this, short-term bulls are still aiming for the $1,600 area.
Achieving this target may prove challenging, as momentum seems to be leaning towards the bearish side, with the 10-day (red) moving average continuing on a downward trajectory. Currently at a reading of 45.75, a ceiling awaits Ethereum's price strength at the 49.00 zone. If it successfully breaches this level, we are likely to witness an influx of bulls.
With the potential for a breakout looming this week, the market is buzzing with speculation. Keep an eye on these developments as they unfold.
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By: Eliman Dambell
Title: Bitcoin and Ethereum Technical Analysis: BTC Consolidates Gains, Ethereum Continues to Hover
Sourced From: news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-bulls-secure-gains-following-a-recent-multi-month-high/
Published Date: Wed, 18 Oct 2023 13:16:08 +0000