Crypto aficionados turn to technical indicators for clues as to where Bitcoin and Ether may go next because of the current choppy markets.
Bitcoin has been trading below its 50-day moving average, which many regards as a negative trend, given it has lost about 20 percent of its value from its record high earlier this month. Ether, on the other hand, managed to bounce off of its trendline on Wednesday (24th November).
According to Mike McGlone, a commodities expert at Bloomberg Intelligence, the second-largest token has excellent round-number technical support near $4,000.
Cryptocurrencies have been selling off recently due to several concerns, including increased regulatory risks and the fact that many tokens have risen rapidly in a short period. This month, the Bloomberg Galaxy Crypto Index, which tracks the performance of a few of the significant tokens, has dropped 14 percent.