Bitcoin, Ethereum Technical Analysis: BTC Stays Near $23,000 to Start the Week
Bitcoin (BTC) continued to trade near 5-month highs to start the week as bullish sentiment remained in the market.
After hitting a low of $22,387.90 on Sunday, bitcoin expressed an intraday jump of $23,056.73 in today’s session.
On Saturday, BTC reached a high of $23,375 which was its highest point since August 18 and was a strong point and it looks like the bulls are going to hold on to this point. Looking forward to getting it again. To achieve this, the 14-day Relative Strength Index (RSI) would need to move back to a higher range of 91.00 and the index is currently near the level of 85.26 which is already overbought and looking to secure some profits. There may be an option to leave the previous posts for. As of writing bitcoin is trading at $22,876.55 which is only slightly higher than Sunday’s peak.
Ethereum ( ETH ) also seems to be consolidating the gains of the week and its price is holding above the $1600 mark. On Monday, ETH/USD has so far reached a peak of $1,658.02 and is relatively close to Saturday’s 4-month high near $1680. Today the bullish top appears to be rebounding as the floor around the $1610 mark of the world’s largest cryptocurrency. Looking at the chart we can understand that this rally happened after a failed breakout of the 75.00 support point on the Relative Strength Index. At the time of writing, the indicator is tracking at 75.23, with the next visible resistance level appearing to be heading to the 80.00 area. Speaking here, Ethereum bulls can currently target the $1700 and above levels, and for this to happen, it must first cross the 80.00 mark.