Bitcoin started the week firm above the $28,000 level as the market prepares for a big week of US economic data. Headlining is this Friday’s nonfarm payrolls, which are expected to drop to 238,000. Ethereum is holding above $1,800 at the time of writing.
Bitcoin
Bitcoin (BTC) started the week consolidating around the $28,000 level as volatility in the crypto markets remained high.
After hitting a low of $27,607.67 earlier in today’s session,BTC/USD rose to a peak of $28,475.62 as the day wore on.
This move brought bitcoin closer to the recent resistance level of $28,500, which was broken over the weekend.
A recent price consolidation took place as the 14-day Relative Strength Index (RSI) failed to break above the 65.00 ceiling.
At the time of writing, the index is hovering at 62.00, an important support point for traders.
Overall, the world’s largest cryptocurrency is currently trading 1.46% higher than the same time last week.
Ethereum
Ethereum (ETH) continues to trade above the $1,800 level, with traders still targeting a breakout above key resistance.
ETH/USD rose to a high of $1,819.29 earlier today’s session after bottoming at $1,765.52.
As a result of today’s jump, Ethereum bulls tried to head for a ceiling at $1,825, but momentum has since waned.
This is because the RSI hit a wall at the 60.00 level and the earlier bulls appeared to abandon their positions.
As of this writing, price strength is currently at the 57.77 mark and the next ceiling is thought to be around 62.00.
In addition to this, the 10-day moving average (red) is approaching a downward intersection with the 25-day moving average (blue), which could signal future price weakness.
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