As the week progressed, BTC was trading higher on the day of the hump. Prices once again tested a key resistance level above $20,000, with ETH also hovering around a ceiling of its own during Wednesday’s session.
Bitcoin was trading in the green for most of Wednesday’s session, as bullish pressure continued to mount.
After trading as low as $19,341.23 on Tuesday, BTC/USD gained over $1,000 from today’s point.
The price peaked at $20,635.47 during the session, crossing the $20,500 resistance point in the process.
As of Tuesday, the gains after a collision with this resistance level have waned, with bitcoin now trading at $20,219.85 as of writing.
However, if the bulls eventually cross this point, we can see that BTC is nearing the $22,000 high range.
The run could start once we see a breakout of the current resistance level of 38.20 on the 14-day RSI indicator.
ETH was slightly higher on Wednesday as well, as the price continued to trade above $1,100 after yesterday’s rally.
At the time of writing, ETH/USD has risen to an intraday high of $1,162.40 on the hump, which is slightly above its own range.
This short-term resistance at the $1,150 level has been in place for the past seven days, although the bulls are ready to move above it.
Earlier Wednesday’s gains have been cut short, with ETH now trading at $1,146.38 as of writing.
One of the reasons behind the current volatility is that relative strength remains below the 42 range.
If the price strength eventually crosses this barrier, it is likely that we will see an influx of bulls who will try to take the price closer to $1,300.
Can we see a breakout of the RSI highs this week? Give your thoughts in the comment below.
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