July 16, 2024


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


Bitcoin (BTC) moved lower on Tuesday, as bears returned to action following a failed breakout of a key resistance point.

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

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

Bitcoin, Ethereum Technical Analysis: BTC Moves Lower as Prices Fail to Break Out of Key Resistance Level
BTC/USD – Daily Chart

As a result of today’s drop, the 14-day relative strength index (RSI) fell to a floor of 47.50, which is its weakest point since Saturday.

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

However, should we see a move below the aforementioned floor, then we could see bitcoin once again move under the $19,000 level.


ETH/USD was also in the red on Tuesday, as traders appear to have consolidated their gains from yesterday’s session.

Following a move to a three-week high of $1,370 on Monday, ETH/USD fell to a bottom of $1,327.85 earlier in the day.

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

Bitcoin, Ethereum Technical Analysis: BTC Moves Lower as Prices Fail to Break Out of Key Resistance Level
ETH/USD – Daily Chart

As of writing, ethereum is now trading at $1,348.29, which shows that current momentum still remains largely bullish.

An upwards crossover between the 10-day (red) and 25-day (blue) moving averages has now occurred as well, which could be the reason for the shift in sentiment.

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

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Will we see ethereum continue to surge heading into November? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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