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Bitcoin, Ethereum Technical Analysis: BTC, ETH Continue to Consolidate, Following Recent Gains

Bitcoin, Ethereum Technical Analysis: BTC, ETH Continue to Consolidate, Following Recent Gains

Bitcoin started the week trading around the $30,000 mark, as the cryptocurrency market continued to consolidate following last week’s gains. The global market was down 1.19% at the time of writing, as sentiment remains uncertain following a weekend of profit taking. Ethereum was also down on Monday.

Bitcoin

Bitcoin (BTC) narrowly avoided a drop below the $30,000 level on Monday, as market sentiment remained uncertain following recent gains.

BTC/USD slipped to an intraday low of $30,045.23 earlier in today’s session, which comes a day after peaking at $30,437.56.

Some expected prices to drop this week, after last week’s rally pushed volumes deep into overbought territory.

Bitcoin chart by TradingView

The relative strength index (RSI), which reached a high of 66.00 last week, now sits at the 52.85 mark.

This is marginally above a floor at 52.00, which seems to have been the last line of defense preventing BTC from falling under $30,000.

As of writing, bitcoin is trading at $30,201.14.

Ethereum

Ethereum (ETH) also moved lower on Monday, however traders were once again able to prevent price from dropping below the $1,900 level.

Following a high of $1,942.03 during Sunday’s session, ETH/USD dropped to a bottom of $1,901.06 to start the week.

This resulted in the world’s second largest cryptocurrency falling lower for a fourth consecutive day.

Ethereum chart by TradingView

Since reaching a multi-month high at $2,029, sellers and profit takers have moved to push price lower.

Similar to BTC, this was due to price strength being overbought, with a reading above the 70.00 mark. However, it now sits at 52.94.

The next visible floor appears to be at 50.00, and should it reach this point, ethereum will likely be trading below $1,900.

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from Bitcoin News https://ift.tt/eDaspP0
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