Following six days of declines, bitcoin surged on Wednesday, climbing above $42,000.
Wednesday’s surge in price comes as the 14-day RSI broke free of its own resistance point of 46.70, and is currently tracking at 55.10.
Should price strength continue to climb, bulls will likely attempt to recapture the $45,000 ceiling for the first time since March 2nd., which was in a streak of consolidation for the last four sessions, finally moved away from this floor, and is up by over 6%./USD is trading at $2,739.56, which is marginally lower than today’s peak of $2,761.80.
Looking at the chart, today’s surge has taken the price of ethereum close to its interim resistance point of $2,800.This will likely act as the main hurdle stopping bulls from reaching the $3,000 level, as well as the upcoming RSI ceiling of 50.75. Bulls will likely have been buoyed by 10-day and 25-day moving averages, which look set to cross imminently.
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