Bitcoin, Ethereum Technical Analysis: BTC Nears 10-Day Low, as Bears Regain Market Sentiment
Bitcoin continued to slip on Thursday, with the coin remaining close to its lowest level since the end of November. Momentum in cryptocurrency markets has shifted in recent days, with sentiment currently bearish. Ethereum was also lower, with the token dropping towards $1,200.
Bitcoin (BTC) remained near a one-week low on Thursday, as cryptocurrencies continued to trade in the red.
BTC/USD slipped to a bottom of $16,750.56 earlier in the day, less than 24 hours after trading at a high of $17,061.48.
The move saw the world’s largest cryptocurrency move closer to a recent support point of $16,700.
After failing to break out of a ceiling at the 50.00 level earlier in the week, the 14-day relative strength index (RSI) is now tracking at 45.50.
Should price strength continue to plummet, the next visible point of support seems to be at the 43.00 mark.
Bears in the market will be hoping that this floor is not only hit, but broken, which could trigger a move below $16,000.
Like bitcoin, ethereum (ETH) also edged lower in today’s session, with prices falling for a second straight day.
Following a high of $1,252.30 on Wednesday, ETH/USD dived to a low of $1,224.45 earlier in the day.
Today’s drop in price pushed ethereum below a recent support point at the $1,230 level, with prices hitting a nine-day low as a result.
Looking at the chart, the 10-day (red) moving average remains high, which some see as a signal that a bullish reversal could still be on the cards.
Despite this, momentum seems bearish, with the RSI tracking at 46.72, which is its lowest point since November 29.
The index now appears to be heading towards a support point at the 45.00 level.
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Will ethereum end the week below or above $1,200? Leave your thoughts in the comments below.