BTC moves lower as prices fail to break out of key resistance level

Bitcoin traded lower in today’s session after failing to break through a key resistance level of $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 ceiling.

Bitcoin

Bitcoin moved lower on Tuesday as bears returned to action after a key resistance point failed to be broken. Bitcoin slipped to an intraday low of $19,206.32 earlier in the session, pulling away from Monday’s high of $19,698.

Yesterday’s move saw the token briefly break above its $19,600 ceiling, however, after failing to maintain the momentum, bulls exited their positions.

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Bitcoin, Ethereum Technical Analysis: BTC moves lower as prices fail to break out of key resistance level.

As a result of today’s decline, the 14-day Relative Strength Index (RSI) has fallen to a low of 47.50, which is its weakest point since Saturday. Currently, the index has rejected a move below this mark, and is sitting at 48.54, as the bulls attempt to regain some of the market sentiment.

However, if we were to see a move below the aforementioned low, then we could see bitcoin once again go below the $19,000 level.

Ethereum

Ethereum was also in the red on Tuesday, with traders appearing to have consolidated their gains from yesterday’s session. After hitting a three-week high of $1,370 on Monday, ETH hit a low of $1,327.85 earlier in the day.

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That drop initially pushed the token below its $1,330 resistance, but as the day progressed, prices rebounded somewhat.

Bitcoin, Ethereum Technical Analysis: BTC moves lower as prices fail to break out of key resistance level.

Currently ethereum is trading at $1,348.29, showing that the current momentum remains largely bullish. An upward crossover between the 10-day (red) and 25-day (blue) moving averages has also occurred, which could be the reason for this change in sentiment.

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

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