Following a recent two-month high, bitcoin's price paused during today's session as traders added to their gains. As of this writing, the worldwide market cap is trading 0.01% lower, but the price of the coin is still above $28,000. Ethereum has been slightly higher and is still circling around the $1,580 mark.
Bitcoin
On Wednesday, bitcoin bulls extended recent gains as it looked that traders were cashing in after recent highs.
Earlier in the day's session, BTC/USD dipped to a low of $28,172.91, following a day's high of $28,889.01.
The largest cryptocurrency in the world saw a price increase earlier this week that reached as high as $30,000.
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| BTC/USD--Daily Chart |
When examining the chart, the decrease occurs as the 14-day RSI maintains its position just above a floor at the 62.00 level.
The index failed to break out from a resistance level of 65.00 on Monday, and as of this writing, it is tracking at a reading of 62.28.
Price may consolidate more until the aforementioned ceiling or floor is broken.
Ethereum
Ethereum (ETH) increased somewhat on hump-day, remaining in the $1,580 range.
ETH/USD rose to an intraday high of $1,584.73 during the day after hitting a low of $1,554.40 on Tuesday.
While short-term bulls are still eyeing the $1,600 region, earlier gains have now faded and ethereum is currently trading at $1,577.30.
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| ETH/USD--Daily Chart |
As the 10-day (red) moving average is still trending downward, momentum appears to be negative, making this challenging to achieve.
While at a reading of 45.75, ETH's price strength has a ceiling at the 49.00 region, and should it rise past this, there will probably be a surge in bulls.
This week, might there be a breakout? Post your opinions in the section below.