Bitcoin, Ethereum RSIs Plummet

Bitcoin, Ethereum RSIs Plummet

Bitcoin and Ethereum sought to gain momentum as the global market cap rose and other tokens moved into the green for the first time in a few weeks. However, both apex cryptocurrencies saw a massive drop in their relative strength indices, falling to 2-year lows. Analysts have started poking holes in both currencies, looking at how far they have to go before recovering fully. For example, Bitcoin would need to rally over $8000 to get back to its 21-week EMA at $49,900. With Bitcoin around 20 under the bull market support band, it’s in a short-term bearish market phase. With Ethereum, analysts are concerned with a low RSI that indicates the token could move as low as $2800 or $2900. Even so, Bitcoin ticked up slightly in the past 24 hours while Ethereum gained a little over a percent. At press time, Ethereum was down just over $3000.


User: Benzinga

Views: 119

Uploaded: 2022-01-10

Duration: 01:01

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