BTC endured some choppy price action over the past 24 hours amid increased selling pressure. The digital coin retracted from overnight highs of $15,800 and declined nearly $1000 to hit lows of $14,815. The support at this level was significant, allowing BTCUSD to climb back into the $15K region.
The flagship cryptocurrency is currently consolidating gains within the lower-$15,000 regions as the bulls and bears battle to control its near-term outlook. At the time of writing, BTC is trading up just under 1% at its current price of $15,289.
BTCUSD Chart By TradingView
The king coin must break above the $15,450 level to move into a positive zone and gain traction above $15.5K.
BTC Price Could Correct Further
Since this morning, BTC has stagnated just above 15K, with buyers seemingly unable to catalyze any strong momentum.
After a memorable push by bulls over recent weeks that left even die-hard BTC advocates in disbelief, the tide is now looking likely to turn.
For one, the parabolic curve that sustained BTC throughout its rally shows signs of cracking as whales and smart money increasingly offload their coins to take profits.
Moreover, there is a hidden bearish divergence on the Relative Strength Index (RSI) indicator stretching back from the 2019 peak.
BTC chart showing hidden bearish divergence on the RSI indicator | Source TradingView
As per the chart above, the RSI indicator made a lower high even as the BTC price surged upwards. The massive divergence between the two predicts a drop in prices unless the RSI rises higher to break the near term divergence.
Ethereum Price Holds Strong at $440
Ethereum is holding the ground above the $440 level of support at its current price of $446. After forming a top near the $460 resistance, the ETH price started a downside correction that drove it below the $450 support level.
The bears even attempted to drive prices lower, below $440, but the bulls successfully defended the $435 zone.
Looking at the ETH price chart below, there seems to be a key connecting bullish trend line forming with support near $440. The ETHUSD pair could climb higher towards $460 if it manages to close above that trend line support.
ETHUSD Chart by TradingView