BTC drops as prices fail to break out of key resistance level – Bitcoin News Market Updates

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Bitcoin was trading lower in today’s session, after failing to break out of a key resistance level at $19,600. Bullish sentiment seemed to have returned to the market on Monday, but that momentum was short-lived. Ethereum also fell in today’s session, but remained above its recent price cap.

Bitcoin

Bitcoin (BTC) fell on Tuesday as the bears returned to action after a breakout of a key resistance point failed.

BTC/USD slipped to an intraday low of $19,206.32 earlier in today’s session, moving away from Monday’s high of $19,698.

Yesterday’s move saw the token briefly breach its $19,600 cap, however, after failing to sustain momentum, the bulls exited their positions.

Bitcoin, Ethereum technical analysis: BTC declines as prices fail to break out of key resistance level
BTC/USD – Daily Chart

Following today’s decline, the 14-day Relative Strength Index (RSI) fell to a low of 47.50, which is its lowest point since Saturday.

Currently, the index has rejected a move below this mark and sits at 48.54 as the bulls try to regain some of the market sentiment.

However, if we saw a move below the aforementioned floor, we could see bitcoin break below the $19,000 level again.

Ethereum

ETH/USD was also in the red on Tuesday as traders appeared to consolidate their gains from yesterday’s session.

After hitting a three-week high of $1,370 on Monday, ETH/USD fell to a low of $1,327.85 earlier in the day.

This earlier decline initially pushed the token below its $1,330 resistance, but as the day progressed, prices rebounded somewhat.

Bitcoin, Ethereum technical analysis: BTC declines as prices fail to break out of key resistance level
ETH/USD – Daily Chart

As of this writing, Ethereum is now trading at $1,348.29, showing that the current momentum still remains largely bullish.

An upward cross between the 10-day (red) and 25-day (blue) moving averages has also occurred, which could be the reason for the shift in sentiment.

Looking at the chart, a high of $1,385 still seems to be the target for traders in the coming days.

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Will we see Ethereum continue to rise in November? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic perspective to market analysis, having previously served as a brokerage director and retail educator. Currently, he acts as a commentator on various asset classes including Crypto, Stocks, and FX.




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