Bitcoin started the week on the brink of a downwards crossover of two key moving average trend lines, which could signal an upcoming price drop. The 10-day and 25-day moving average look set to cross, potentially leading to a breakout of the $27,000 level. Ethereum is trading above a floor at $1,830 as of writing.
Bitcoin
Bitcoin (BTC) is on the brink of registering a downward crossover of its 10-day (red) and 25-day (blue) moving averages.
A recent downtrend, which today pushed BTC/USD to an intraday low of $27,192.03, has also led to an overall shift in market momentum.
This latest low in bitcoin comes less than a day after the world’s largest cryptocurrency traded at a high of $27,979.98.
Overall, BTC is trading over 7% lower than at the same point last week, when the price was above $30,000.
In addition to the potential crossover of moving averages, the 14-day relative strength index (RSI) continues to hover close to a floor at 42.00.
At the time of writing, the index is tracking at 44.11, with BTC trading at $27,550.00.
Ethereum
In addition to BTC, ethereum (ETH) also started the week in the red, with prices hovering close to a key point of support.
Following a high of $1,888.19 on Sunday, ETH/USD slipped to an intraday low of $1,831.16 earlier in today’s session.
As a result of this move, ethereum fell close to its long-term price floor at $1,830, however bulls have so far rejected a breakout.
One of the reasons that a break has yet to occur seems to be due to the RSI, which continues to trend above support at 44.00
Price strength is now tracking at 45.58, with a ceiling at 52.00 a potential target for bulls hopeful of recapturing the $1,900 mark.
Register your email here to get weekly price analysis updates sent to your inbox:
Could ethereum move above $1,900 this week? Leave your thoughts in the comments below.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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.
Source : Bitcoin
