After a weekend in which Bitcoin traded mainly in the red, prices rebounded and began the week higher.
Bitcoin
the world’s largest cryptocurrency traded higher Monday as prices rose above the $30,000 level again.
After hitting a low of $29,574.45 on Sunday,BTC/USD rose to a peak of $31,342.18 earlier in the session today.
This move comes after the $29,500 intermediate support level held firm over the weekend, which the bulls used as a re-entry point.
The chart shows that price has now broken out of this short-term support to $30,600 resistance.
Overall,BTCis currently trading at a 6-day high, with many expecting price to rise above the next hurdle, the $32,500 point.
As of this writing, the 14-day RSI is trading at its highest level since April 6, which is also a resistance point, and unless broken, today’s rally may ease as the week progresses.
Ethereum
ETHalso rebounded earlier in the week. However, prices continue to trade below $2,000 following last week’s sell-off.
ETHhadlast week. /USD fell below $2,000, hitting a low of $1,742 in the process, but has continued to rise continuously since.
As of this writing,ETHbottomed at $1,777.13 the previous day and rose to an intraday peak of $1,903.99.
The move comes as the 14-day RSI is trading slightly off its recent high of 43.70 and at 44.30 as of writing.
If the price continues to gain strength, we could see a bullish move toward the next resistance point at $1950.
Although it has not happened yet, there is still the possibility of an upward crossing of the moving averages, which could trigger price back above $2000.
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