Despite trading lower on Monday, bitcoin is up over 10% from the same point last week, with ETH also gaining within that period. In general, crypto markets were weaker to start the new week.
Bitcoin
After some strong rallies over the weekend, the BTC/USD pair gave back some of those gains on Monday, falling to an intraday low of $36,733.57.
This comes after the world’s largest cryptocurrency edged closer to the $40,000 level, by hitting $38,168.01 during Sunday’s session.
The move saw its 14-day RSI surge to 38, but like January 18, the price move just wasn’t strong enough to push past that point.
As of now, bitcoin is tracking at 34 on this indicator, and has extended the consolidation between support of $35,470, and resistance of $39,010.
Looking at the chart, you can see that the 10-day moving average (red) has started to slow its downward trajectory, giving way to a possible upward move.
BTC/USD is currently down 2%, trading at $37,259.85, however prospects for a bullish breakout remain, whilst we continue to consolidate at current levels.
Some expect this bull run to happen this week.
Ethereum
On Monday, ETH is up over 17% higher from its price at the same point last week, despite trading in the red to begin the day.
ETH/USD fell to an intraday low of $2,489.07 during the session, despite hitting a 5-day high of $2,622.5 late on Sunday.
The short-term resistance of $2,600 which has been in place since January 22nd, continues to be a hurdle to further upside swings.
On top of that, the RSI did not break above 36 during the same period, and although prices were oversold, the lack of price strength deterred bulls from taking longer-term positions.
