The support point on this occasion is the $39,500 floor, where bitcoin started trading this week, before its initial midweek rally.
Ultimately, today’s return to support has been a perfect encapsulation of the current volatility within crypto markets this week, and April in general, where we have mainly seen consolidation. In addition to this, the 14-day RSI is now tracking at 40.5 which is an area where bullish momentum typically picks up — as such, the possibility of a rebound remains high.was lower for a fourth consecutive session, as prices once again traded below the $3,000 support level./USD fall to a bottom of $2,926.74, which comes after a high of $3,007.41 yesterday.
Since this low, which broke past support of $2,950, the world’s second-largest cryptocurrency moved marginally higher, as bulls re-entered.Typically, we have seen strong bullish pressure at this floor, and so far today this has been the case, withLooking at the chart, the RSI indicator is also hovering close to its own support of 43.50, however if this strength turns to weakness, there could be an even bigger drop in ethereum’s price.
We will now likely see high levels of uncertainty this weekend, as both bulls and bears continue to jockey for positions.
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