The Bitcoin price (BTC/USD) has edged lower as a result of a downward correction that came after its Wednesday gains. The original cryptocurrency has been consolidating in a range with the downside capped at $3,500. Having opened at $3,931.05, the digital coin dropped below the $3,900 level in the early morning session and then continued to gradually decline until it reached an intraday low of $3,826.22 in the late afternoon trading. According to data from digital currency tracker Coinmarketcap, the coin finished the session at $3,836.74. Bitcoin saw some modest gains during the early hours of today’s session, when it rose to as high as $3,863.42. However, the coin has pulled back in more recent trading and is currently trading below the level of its Thursday close.
Ethereum Continues To Defy Market Bears With Solid Grip On $150 Handle
2018 was a difficult year for Bitcoin and the broader crypto currency. The original cryptocurrency ended the year at $3,742.70, having lost more than 73% in the 12 months to December 31, amid increased regulatory pressure, high-profile cyber-attacks against crypto exchanges, a significant cool down of the ICO market and weakened investor sentiment. But with 2019 already underway, crypto supporters hope that the market could make comeback. And according to some technical indicators, a Bitcoin comeback may indeed be coming soon. Meanwhile Ethereum continues to defy market bulls and trade positive. ETH/USD pair is currently trading at $153, about 1% higher than 24 hours ago.
A broader look at the chart shows that bulls are staging a steady come and that it is likely that Ethereum could retest $160 in the course of the day. Besides the pair has managed to regain foothold above $150 although it opened trading below $150. The Relative Strength Index (RSI) has resumed the uptrend from 48.57 to the current 65.57. The indicator is in an upward sloping momentum emphasizing the bulls have the control. However, there is a mixed message from the Moving Average Convergence Divergence (MACD) which is heading south from the 2019 high at +4.95. This means that the bulls must find support above $160 to avoid a reversal below $150.
This article was originally posted on FX Empire
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