Cryptocurrency markets continued to show signs of consolidation this Wednesday, with Bitcoin and Ethereum both declining in price. Both leading cryptos experienced a significant price drop following a period of bullish activity, with Bitcoin near a breakout level of $29,000, and Ethereum also below $2,000. The Relative Strength Index (RSI) indicated a significant corrections as both BTC and ETH dropped below the 55 mark.

Over the past several days, Bitcoin (BTC) hit a peak of $30,470 before dropping back down this Wednesday to $29,102. Analysis suggests that the sell-off was a result of the 14-day RSI falling below 59. Should the support level at 55 be broken, BTC prices could continue to decline to $28,600.

Likewise, Ethereum (ETH) dropped to a seven day low of $1,967. This occurred when the coin breached its own support level of $2,030, with the RSI recording a reading above 75 the previous day. This may have indicated a jump in the popularity of selling ETH, leading to further drops if the RSI were to breach the 51 mark, which could push the prices towards a figure of less than $1,900.

Overall, although the current signs are bearish, prices remain high and could still take off if the right conditions are met. Therefore, traders should remain vigilant and watch the indicators carefully to ensure they don't miss out on an upcoming opportunity.



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