Cryptocurrency traders have been taking profits over the past few days, leading to a drop in bitcoin and ethereum prices. BTC is currently trading at about $28,000, while ETH is at around $1,900.
Bitcoin
Bitcoin (BTC) has declined for three days in a row, with the price dropping below $28,000.
The 14-day relative strength index (RSI) fell to a mark of 46.00, which is the lowest it has been since April 9. Bulls have since returned to the market and pushed the price back up above $28,000.
Ethereum
Ethereum (ETH) has also been moving lower, with prices close to a drop below $1,900. The cryptocurrency has dropped 10% in the last week, after reaching a peak of $2,105 two days ago.
The RSI has also plummeted, breaking out from the 53.00 level, and currently sitting at 49.46. If momentum continues to decrease, bears may target a support point of 44.50.
Subscribe to our email list to get weekly analysis updates sent directly to your inbox:
Do you think this current dip is due to profit taking? Leave your remarks in the comments section.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
