Bitcoin, Ethereum Technical Analysis: BTC Nears $24,000 Following Weekend Rally
Bitcoin started the week trading near a five-month high, as prices consolidated the weekend’s gains. Prices rose close to $24,000 on Sunday, following a breakout of a key resistance level. Ethereum fell back below $1,600 on Monday, after moving to a one-week high during yesterday’s session.
Bitcoin (BTC) remained near a five-month high on Monday, following a strong rally towards $24,000 over the weekend.
Following a high of $23,919.89 on Sunday, BTC/USD fell to a low of $23,166.83 to start the week.
Sunday’s surge saw BTC bulls push prices to their strongest point since August 26, however these same traders have already begun to retreat.
BTC/USD – Daily Chart
Looking at the chart, the decline commenced following a failed breakout of a ceiling at 85.00 on the 14-day relative strength index (RSI).
As of writing, the index is now tracking at 72.19, with a floor at 65.00 the only current visible target for bears.
Should this zone be hit, it is highly likely that BTC will be trading close to a support point at $22,500.
Ethereum (ETH) also edged lower to start the week, as sentiment shifted following a breakout of the $1,600 level
ETH/USD slipped to a bottom of $1,582.18 earlier in the day, as bulls were unable to sustain Sunday’s high at $1,653.73.
Yesterday’s peak saw the world’s second largest cryptocurrency climb to its strongest point in one week, however traders used this as an ideal moment to secure recent gains.
ETH/USD – Daily Chart
The move saw ethereum marginally break out above a ceiling at $1,650, however bearish sentiment around this mark has reigned supreme over the last three months.
A breakout below a floor of 60.00 on the RSI also contributed to the decline, with the index now tracking at 58.40.
In the event today’s decline continues in the coming days, it is possible that ETH could be heading towards a floor at $1,550.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum
Will sentiment in cryptocurrencies be bullish or bearish this week? Leave your thoughts in the comments below.
Biggest Movers: DOGE up to 6-Week High, as AVAX Jumps 13% on Saturday MARKET UPDATES | 2 days ago Bitcoin, Ethereum Technical Analysis: BTC Hovers Near $23,000 to Start the Weekend MARKET UPDATES | 2 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons
Recruiting Agencies in Japan Are Turning to the Metaverse
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.
Read disclaimerShow comments
More Popular News
In Case You Missed It
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this … read more.
Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Fidelity Investments Launches Crypto, Metaverse ETFs — Says ‘We Continue to See Demand’ Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method