Bitcoin is still below $20,000 at the beginning of the week as the U.S. market was largely closed for Independence Day festivities. This past weekend’s volatility carried forward into Monday’s session, with ETH remaining close to a breakout below $1,000.
Bitcoin
Bitcoin started the week in the red, as the world’s largest crypto token continues to hover below $20,000.
BTC/USD plunged to an intraday lowest of $18,971.81 after volatile trading weekend.
The bitcoin price remained close to $18,800 support level, and bears continue to target further lows.
The chart shows that $17.700 is the current floor. This could become the next location for prices if momentum keeps its downward trend.
The 14-day RSI, which currently tracks at a support, is a significant obstacle to this movement.
It is located at 28.60 and has held steady for the last two weeks. This support could eventually fall, but if it does, there will be more bears on the market.
Ethereum
BTC and ethereum were also trading in red for the first week of the week. Price was close to $1,050 support.
Overall, ETH/USD has now been in this current downtrend for the past ten sessions, with today’s low seeing it hit a floor of $1,044.01.
Like BTC, there seems to be a lower low ahead for the world’s second largest cryptocurrency, with bears firmly set on heading below $1,000.
Here, the target may be as low at $885. This is after a losing streak of nine days that ended on June 18.
Despite the current lows at ETH, both the 10-day- and 25-day moving Averages remain close to their previous crossings in an upward trend. This was March 22, 22nd.
We could still see more lows but there are also possibilities for a rebound in prices once we find a solid floor.
Are we likely to see Ethereum break $1,000 this week Comment below to share your views.
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