Bitcoin traded above $19,000 at the beginning of the week, after bulls had made a slow return to their token following the recent sell-offs. After a short time trading at $1,300, Ethereum rallied Monday. As of this writing, global crypto market has fallen 1.19%.
Bitcoin
Bitcoin (BTC), which traded marginally higher Monday as bull started to return to crypto markets after recent sell-offs, was slightly lower on Monday.
The BTC/USD exchange rate raced up to $19,491.33 intraday earlier on Sunday after a lower low of $19 118.19.
Monday’s move saw the world’s largest cryptocurrency climb towards a key price ceiling of $19,500.
The chart shows that the price rebound is due to the fact that the relative strength indicator (RSI), 14-day, recently broke through of resistance at 48.00.
The index currently tracks at 49.42. There is a visible resistance level near 56.00.
We will see price rises towards $20,000 if the trend of rising prices continues.
Ethereum
Ethereum (ETH) surged for the start of the week. The token climbed for a second session.
After an initial breakout from its $1,275 floor on Saturday, the ethereum market has been able to post back-to-back gains.
Today’s surge has seen the token hit a peak of $1,322.33, which comes a day after it was hovering around the $1,281.29 mark.
Despite today’s gains, momentum in ETH/USD continues to be bearish, with both the 10-day (red) and 25-day (blue) moving averages trending downwards.
As we approach a ceiling at $1,330 and the RSI is also close to an obstacle, bulls may be hesitant about entering.
At the time of writing, index readings are at 45.87. That is slightly less than the maximum of 46.00.
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