Bitcoin started the week trading near a five-month high as prices consolidated gains from the weekend. Prices rallied near $24,000 on Sunday, following a break of a key resistance level. Ethereum dipped back below $1600 on Monday after hitting a one-week high during yesterday’s session.
Bitcoin
bitcoin (BTC) held near a five-month high on Monday, after a strong rally towards $24,000 over the weekend.
After a high of $23,919.89 on Sunday, BTC/USD fell to a low of $23,166.83 to start the week.
The surge on Sunday saw BTC The bulls push prices to their strongest point since August 26, however these same traders have already started pulling back.
Looking at the chart, the decline started after a failed break of a top at 85.00 on the 14-day RSI.
At time of writing, the index now sits at 72.19, with a floor at 65.00, the only current visible target for bears.
If this area is hit, it is very likely that BTC it will trade near a support point at $22,500.
Ethereal
ethereal (ETH) was also down to start the week as sentiment turned after a break of the $1,600 level
ETH/USD fell to a bottom of $1,582.18 earlier in the day, as the bulls failed to hold Sunday’s high at $1,653.73.
Yesterday’s spike saw the world’s second-largest cryptocurrency rally to its strongest point in a week, yet traders used this timing as an ideal to lock in recent gains.
The move sent Ethereum marginally breaking above a $1,650 ceiling, however bearish sentiment around this mark has reigned for the past three months.
A break below a 60.00 floor on the RSI also contributed to the decline, with the index now at 58.40.
Should today’s drop continue into the next few days, it is possible that ETH it could be headed towards a bottom at $1,550.
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