Bitcoin, Ethereum Technical Analysis: BTC at 1-week low, bullish sentiment fades on Monday
Bitcoin (BTC) hit a 7-day low earlier this week as market sentiment started to shift to the downside. Bitcoin has now moved lower for five consecutive sessions and today’s decline has certainly sent the price down to a low of $22,734.48. With certainty we can say that this fall has brought bitcoin to its weakest level since January 30 and has reached its weakest point when we saw its price trading at a low of $22500. Definitely looking at the charts, we can say that the world’s largest cryptocurrency has once again turned down from its significant highs and is moving towards this point of its support. Definitely we can say that bitcoin has recently recorded a downtrend which has broken a floor at 14 day relative strength index 68.00 and now it is tracking at 61.15 when we look at it. This is approximately the less than 1 month reading for the index that we see and we can see this after an extended streak in the press buyer zone.
On the other hand, Ethereum also turned lower on Monday and its price was able to stay above $1600 despite the recent decline. Ethereum definitely turned lower on Monday as after its high of $1,665.26 on Sunday, ETH/USD fell by 2% in today’s session and in the process we can see it hit a low of $1,616.30 . Following this market selloff, ACT moved closer to its support point of $1600. However, Bell has so far rejected this bump and has been helped by the Relative Strength Index, which has found its own floor at 58.00, which provides a slow landing for the last sisters. Ethereum rebounded from earlier losses and is trading at $1,630.55, at the time of writing. We can say that if this level of price holds this RSI level of 68.00, Ethereum can only move towards $1700 once again as the week progresses.
