Bitcoin traded at five-day highs on Tuesday as prices surged above a key resistance point. Ethereum also rallied to a similar milestone earlier in today’s session as cryptocurrency markets move further away from recent bearish sentiment. As of this writing, the global market cap is trading up 0.38%.
Bitcoin
Bitcoin touched its highest level in five days on Tuesday as bearish sentiment began to fade.
BTC/USD hit an intraday high of $19,667.00 earlier in today’s session, following Monday’s low of $19,427.00.
The move saw the price break above a key resistance point of $19,550, marking its strongest point since Friday.
BTC/USD daily chart
Looking at the chart, today’s move comes as the 14-day Relative Strength Index (RSI) continues to trade above its 48.50 ceiling.
As of this writing, the index sits at 51.18 however some previous bulls have liquidated their positions with prices now trading slightly lower at $19,584.52.
Despite this slight price decline, the bulls are likely to continue targeting $20,000, which has not been reached since October 6th.
ether
Alongside BTC, Ethereum (ETH) was mostly higher on Tuesday as the token continued to trade above $1,300.
After hitting a low of $1,315.31 earlier in the week, the token raced past a key ceiling on its way to today’s high of $1,339.09.
The $1,330 ceiling has been in effect for most of the past two weeks, however, ETH/USD has been moving lower since the earlier breakout.
ETH/USD daily chart
The world’s second largest cryptocurrency is now trading slightly below today’s high of $1,326.75.
As with Bitcoin, ETH bulls have retreated somewhat as market uncertainty has increased near the resistance level.
Should the bulls scale this current turmoil, the next target for Ethereum traders will likely be a cap near the $1,380 region
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Could Ethereum move lower after failing to stay above its current resistance? Leave your thoughts in the comments below.
Elijah Dambell
Eliman brings an eclectic perspective to market analysis, having previously been a broker director and retail educator. He currently acts as a commentator for various asset classes including crypto, stocks and forex.
Photo credits: Shutterstock, Pixabay, Wiki Commons
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