Bitcoin started the week trading above $19,000, as bulls made a sluggish return to the token, following recent sell-offs. Ethereum also rallied on Monday, after a brief stint trading below $1,300. Overall, the global crypto market is down 1.19% as of writing.
Bitcoin
Bitcoin (BTC) was trading marginally higher on Monday, as bull began to return to crypto markets following recent sell-offs.
Following a low of $19,118.19 on Sunday, BTC/USD raced to an intraday high of $19,491.33 earlier in the day.
Monday’s move saw the world’s largest cryptocurrency climb towards a key price ceiling of $19,500.
Looking at the chart, the rebound in price comes as the 14-day relative strength index (RSI) recently broke out of its resistance at 48.00.
As of writing, the index is tracking at 49.42, with the next visible resistance point near the 56.00 level.
Should price strength continue to move towards this point, we will likely see prices move towards the $20,000 mark.
Ethereum
Ethereum (ETH) also surged to start the week, with the token climbing for a second straight session.
After a brief breakout below its floor of $1,275 on Saturday, ethereum has put together a run of back-to-back gains.
Today’s surge has seen the token hit a peak of $1,322.33, which comes a day after it was hovering around the $1,281.29 mark.
Despite today’s gains, momentum in ETH/USD continues to be bearish, with both the 10-day (red) and 25-day (blue) moving averages trending downwards.
Bulls will likely be tentative to enter at this point, as we near a ceiling of $1,330, with the RSI also nearing an obstacle.
As of writing, the index is tracking at 45.87, which is slightly below a ceiling of 46.00.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect ethereum to move above $1,400 this week? Leave your thoughts in the comments below.
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.
Credit: Source link
