Bitcoin, Ethereum Technical Analysis: BTC Remains Above $40,000 Despite Recent Pullback – Market Updates Bitcoin News

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BTC stays above $40,000 despite recent selloff, ETH hovers near $2,800.

The ceiling, which resides at $40,600, was broken earlier today and this enticed bears to sell even further, due to the historical action which took place there previously.

Looking at the chart, the engulfing bearish candles on March 4 and 10 act as a reminder how quickly gains can be lost, and this lead to some bulls liquidating their positions. Despite this, the 14-day RSI still remains above 50, which is one of the indications that price strength is still marginally trending upward.mainly traded above $2,800 on Friday, as prices continued to hover below recent resistance of $2,850./USD hit a peak of $2,826.16 during today’s session, as moving averages prepared for an upwards cross.

As can be seen from the chart, the 10-day moving average and the 25-day have finally collided, with the short-term average set to overtake mid-term.

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