Bitcoin was largely unchanged on Wednesday, as moving averages closed in on a potential upward crossover. The potential for a “death cross” will likely be in the mind of would-be bulls, looking for an opportune time to reenter. Ethereum continues to hover close to a floor of $1,630.
Bitcoin
Bitcoin’s consolidation continued on Wednesday, as bulls remained on the sidelines, despite the prospect of a “death cross.”
The term refers to an entangling between moving averages, in this instance the 10-day (red) and 25-day (blue) trendlines.
Despite the potential for this to occur, BTC/USD bottomed out at $25,628.61, which is marginally lower than Tuesday’s high of $25,858.37.
Bitcoin chart by TradingView
Looking at the chart, price consolidation comes as the relative strength index (RSI), flatlines close to a support of its own at 35.00.
Bulls have so far rejected a move below this point, however in the event that this occurs, BTC could fall below $25,000.
Longer-term bitcoiner
We współpracy z: https://news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-consolidation-continues-as-moving-average-death-cross-nears/
