BTC Slips Below $40,000 yet Again | by heidi

BTC Slips Below $40,000 yet Again | by heidi


     


    Bitcoin

    The world’s largest cryptocurrency moved lower on Wednesday, following a brief rally during yesterday’s trading session.


    Following a peak of $40,330.46 on Tuesday, BTC/USD slipped to an intraday bottom of $37,884.99 on hump-day.


    This latest low sees BTC continue to trade near its $37,700 support level, and close to a recent one-month low.

    BTC/USD – Daily Chart

    Since today’s floor, prices have gone on to climb and bitcoin is currently hovering near the $38,910.00 level.


    Looking at the chart, the 14-day RSI is also tracking above its own ceiling of 39.50, with the potential for it to move to a higher resistance of 43.


    Should this happen, not only will we see the current floor continue to hold firm, but we may also be positioned for a run towards $41,000.


    Ethereum

    ETH was also unable to sustain gains made during Tuesday’s session, as prices once again dropped below $3,000.


    The world’s second-largest cryptocurrency hit a bottom of $2,786.25 earlier today, which comes less than 24 hours after it traded close to $3,046.


    Today’s drop saw prices find support at the $2,780 level, which has historically been a soft landing spot for retreating bulls.

    ETH/USD – Daily Chart

    This proved to be the case yet again, as ETH/USD bounded from its earlier low, and is now trading at $2,862.25.


    Looking at the chart, this is still roughly 3.98% lower than yesterday’s peak, and comes as RSI attempts to move away from a six-week low.


    Glancing ahead, the $2,950 resistance seems to be the only real obstacle in the way of any further runs deep into the $3,000 region.

    Heidi
    @Posted by
    writer and blogger, founder of berksh .

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