Bitcoin started the week in the red on Monday as prices fell for the second consecutive session. Following its recent rise to $22,000, the world’s largest crypto fell below $21,000 earlier today, withETHfalling below $1,200, ETH
Bitcoin
Bitcoin fell below $21,000 on Monday. This was as prices continued to fall after encountering a recent key resistance point.
Since hitting the $22,070 resistance line on Friday,BTChas fallen for three consecutive sessions, hitting a low of $20,395.39 today.
The move means the token has fallen from an intermediate support point of $20,500, usually one of the last remaining defenses to prevent prices from falling below $20,000.
If the bearish momentum continues, it will likely not only break the $20,000 mark but also target the $18,845 low.
The 14-day RSI is rapidly declining toward its own lower limit at 37.90, and price strength appears to be heading in that direction.
However, the 10-day moving average has crossed the 25-day moving average, and if we see an extension of this cross, bullish sentiment could return.
Ethereum
saw bullish sentiment nowhere to be found; ETH saw its own rally slow soon after hitting a high of $1,187.87 on Sunday.
The world’s second-largest cryptocurrency fell to a bottom of $1,139.91 on Monday as prices moved to a fourth straight day of lows.
At the time of writing, prices are up slightly,and ETH/USD is currently trading at $1,147.49, with relative strength tracking at the floor.
The chart shows that the 14-day RSI indicator, following a recent failed breakout of the 49.40 ceiling, long-term support at 41.10 point area is tracking near.
Despite a moving average crossover similar to Bitcoin, momentum seems to be shifting and bears now dominate sentiment.
It will be interesting to see if prices consolidate or rise ahead of this week’s FOMC meeting and the expected 75 basis point rate hike.
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