Bitcoin was trading lower in today’s session, after failing to break out of a key resistance level of $19,600. Bullish sentiment seemed to have returned to the market on Monday, however this momentum was short lived. Ethereum also fell in today’s session, but remained above its recent price ceiling.
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Bitcoin
Bitcoin (BTC) moved lower on Tuesday, as bears returned to action following a failed breakout of a key resistance point.
BTC/USD slipped to an intraday low of $19,206.32 earlier in today’s session, moving away from Monday’s peak of $19,698.
Yesterday’s move saw the token briefly move past its ceiling of $19,600, however, after failing to maintain momentum, bulls vacated their positions.
As a result of today’s drop, the 14-day relative strength index (RSI) fell to a floor of 47.50, which is its weakest point since Saturday.
Currently the index has rejected a move below this mark, and is tracking at 48.54, as bulls try to regain some of the market sentiment.
However, should we see a move below the aforementioned floor, then we could see bitcoin once again move under the $19,000 level.
Ethereum
ETH/USD was also in the red on Tuesday, as traders appear to have consolidated their gains from yesterday’s session.
Following a move to a three-week high of $1,370 on Monday, ETH/USD fell to a bottom of $1,327.85 earlier in the day.
This earlier decline initially pushed the token below its resistance of $1,330, however as the day progressed, prices somewhat rebounded.
As of writing, ethereum is now trading at $1,348.29, which shows that current momentum still remains largely bullish.
An upwards crossover between the 10-day (red) and 25-day (blue) moving averages has now occurred as well, which could be the reason for the shift in sentiment.
Looking at the chart, a ceiling of $1,385 still appears to be the target for traders in the coming days.
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Will we see ethereum continue to surge heading into November? Leave your thoughts in the comments below.
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