Bitcoin continued to slide on Thursday, with the coin remaining near its lowest stage because the finish of November. Momentum in cryptocurrency markets has shifted in latest days, with sentiment presently bearish. Ethereum was additionally decrease, with the token dropping in direction of $1,200.
Bitcoin
Bitcoin (BTC) remained close to a one-week low on Thursday, as cryptocurrencies continued to commerce in the crimson.
BTC/USD slipped to a backside of $16,750.56 earlier in the day, lower than 24 hours after buying and selling at a excessive of $17,061.48.
The transfer noticed the world’s largest cryptocurrency transfer nearer to a latest help level of $16,700.
BTC/USD – Each day Chart
After failing to interrupt out of a ceiling on the 50.00 stage earlier in the week, the 14-day relative power index (RSI) is now monitoring at 45.50.
Ought to worth power proceed to plummet, the subsequent seen level of help appears to be on the 43.00 mark.
Bears in the market can be hoping that this flooring will not be solely hit, however damaged, which may set off a transfer under $16,000.
Ethereum
Like bitcoin, ethereum (ETH) additionally edged decrease in immediately’s session, with costs falling for a second straight day.
Following a excessive of $1,252.30 on Wednesday, ETH/USD dived to a low of $1,224.45 earlier in the day.
Immediately’s drop in worth pushed ethereum under a latest help level on the $1,230 stage, with costs hitting a nine-day low in consequence.
ETH/USD – Each day Chart
Trying on the chart, the 10-day (crimson) transferring common stays excessive, which some see as a sign {that a} bullish reversal may nonetheless be on the playing cards.
Regardless of this, momentum appears bearish, with the RSI monitoring at 46.72, which is its lowest level since November 29.
The index now seems to be heading in direction of a help level on the 45.00 stage.
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