Bitcoin, Ethereum Technical Analysis: Bitcoin Consolidates After Yesterday’s Rally – Market Updates Bitcoin News

Hump-day provided a hurdle for cryptocurrency prices, which mainly consolidated, after a strong start to February. Bitcoin and ethereum were both trading lower during today’s session./USD followed up yesterday’s rally with a weak showing on Wednesday, falling by as much as 1.13% as of writing.

This decline saw prices hit an intraday low of $38,271.44, following a high of $39,115.13 during Tuesday’s market session, which raised hopes for those targeting $40,000.’s 14-day RSI once again drop below the resistance level of 40, which it had briefly broken yesterday, hitting its highest price strength since early January in the process.

Recent consolidations in price have meant that the 10-day , and 15-day moving averages have moved closer in proximity, which isn’t a bad thing for bulls.Looking at the chart, the 10-day is now upward facing, which increases the chances of a potential crossover, and this could be the sign that longer term bulls have been waiting for.Ethereum was one of yesterday’s big gainers, breaking out of its resistance level in the process, however those gains have somewhat slowed on Wednesday.

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