Bitcoin, Ethereum Technical Analysis: BTC Near $24,000 After Weekend Rally
There’s definitely going to be some dos and don’ts here today as bitcoin appeared to be hovering around 5-month highs on Monday after a tight hold to $24,000 over the weekend and a strong rally. After rising to a high of $23,919.89 on Sunday, bitcoin fell to a low of $23,166.83 to start the week, and Sunday’s surge took BTC bulls to their highest price point since August 26. But we can say that these same traders have already started retreating. If we take a look at the charts, we can see that the downtrend started after a failed breakout of the ceiling of 85.00 on the 14-day Relative Strength Index (RSI) and at the time of writing We can see that the index is now visible to us at 72.19 and at the same time we can see that with each floor at 65.00 it is definitely the only visible one that we see. We can say that if this area is hit then there is a high probability that we will see bitcoin trading near the $22500 support point.
We can also see Ethereum ( ETH ) moving lower in the initial phase of the week as its price reverses after breaking above $1600 level and we see that the Ethereum data definitely shows us a downside move. Ethereum slipped to a low of $1,582.18 earlier in the day as bulls seemed unable to sustain Sunday’s high of $1,653.73 and yesterday’s peak took the world’s second largest cryptocurrency to its 1-week high. The point was seen climbing while traders set up an ideal moment to secure recent gains. This move allows Ethereum to marginally break above the $1650 range, however the bearish sentiment around this mark has been the most over the past 3 months and if we look at the Relative Strength Index we find that this But a breakout below the 60.00 floor also contributed to the decline, with the index now tracking at 58.40. With certainty, if today’s decline continues in the coming days, we can say that Ethereum will move towards the low of $1550.
