Following a red start to October, crypto prices moved slightly higher during the Monday session. After briefly falling below $19,000 on Sunday, bitcoin rallied back above this point as the U.S. dollar began to weaken against other G7 currencies. Ethereum was also in the green, briefly moving above $1,300.
Bitcoin
Bitcoin (BTC) traded slightly higher on Monday as the crypto’s price reacted to a weaker USD.
Following last week’s USD rally, the currency eased to start the month, giving way to bullish returns in bitcoin.
BTC/USD rose to an intraday high of $19,312.48 in today’s session, less than 24 hours after trading at a floor of $18,970.62.
The chart shows that the move took the token just above the $19,300 level resistance point, an area of historical uncertainty. above the $19,300 level.
At the time of writing, the turbulence has returned somewhat, withBTCtrading at $19,208.10.
Today’s rally coincided with the 14-day Relative Strength Index (RSI) bouncing back from a critical floor of 43.00. If this rally continues, we could see a close to $20,000.
Ethereum
Ethereum (ETH) also rebounded after four consecutive bearish sessions, shaking off signs of a red october.
After hitting a low of $1,271.15 on Sunday, the world’s second-largest cryptocurrency ran up to a high of $1,308.90 at the end of the week.
In this move,ETH/USD moved toward a recent resistance level of $1,315, which has held mostly since mid-September,
Similar to Bitcoin, Ethereum’s 14-day RSI bounced from the 36.60 support point and appears to be heading toward resistance at 41.50
In this case, the token could move toward a higher ceiling of $1,385 and then rise above $1,400.
The 10-day (red) moving average also appears to be back on track, which bulls see as a positive sign.
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