Bitcoin began trading near five-month highs as prices strengthened over the weekend. Prices rose to nearly $24,000 on Sunday after breaking through a key resistance level. Ethereum moved below $1,600 on Monday after moving to a one-week high in yesterday’s session.
Bitcoin
Bitcoin (BTC) held near a five-month high on Monday after rising strongly toward $24,000 over the weekend.
After hitting a high of $23,919.89 on Sunday,BTC/USD fell to a low of $23,166.83 to start the week.
Sunday’s surge sawBTCbullishness pushed prices to their strongest point since August 26, but these same traders have already begun to retreat.
Looking at the chart, the decline began after the 14-day Relative Strength Index (RSI) failed to breakout of the 85.00 ceiling.
Currently, the index is hovering at 72.19, with the lower limit of 65.00 being the bears’ only target.
If this zone is hit, it is likely thatBTCwill trade near the $22,500 support point.
Ethereum
Ethereum (ETH) also fell slightly at the end of the week
as sentiment changed following the breakout at the $1,600 level.
ETH/ In this context, ETHfell after bottoming at $1,582.18 and failed to hold Sunday’s high of $1,653.73.
At yesterday’s peak, the world’s second-largest cryptocurrency rose to its strongest point in a week, but traders used this as an ideal moment to secure recent gains.
This move took Ethereum just above the $1,650 ceiling, but bearish sentiment has dominated around this mark for the past three months.
A breakout of the RSI’s 60.00 lower limit also contributed to the decline and is currently tracking at 58.40.
If today’s decline continues over the next few days,is a possibility; ETHcould be headed for a floor of $1,550.
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