Bitcoin was close to its ten day high Monday as the prices consolidated after gains over the weekend. Although ETH was lower to start the week, it was also able to remain close to Sunday’s peak around the $1,280 level.
Bitcoin
BTC was consolidating during today’s trading session, as bulls appear to have secured some profits following recent gains.
After a Sunday high of $21,783.72, BTC/USD rose on Monday to $20,965.11 after an intraday low.
Bitcoin started the week almost 2% lower than it did at the highs of recent weeks, although there are still signs of bullish sentiment.
In terms of upwards sentiment, this can be seen in today’s action, with prices bouncing back from earlier lows, and as of writing they sit at $21,261.87.
BTC’s ability to make further gains has been hindered by the ceiling of 36.45 on the RSI. As we have seen, this is now the case.
Looking at the chart, today’s fall comes as price strength was unable to break out of this point, and as of writing the indicator is tracking at 36.
Ethereum
There was a similar story for ethereum in today’s session, as price slipped, whilst also remaining close to recent highs.
Although ETH/USD fell to $1199.41 at an intraday low, it gained momentum as the session went on.
As of writing, ETH is now trading at $1,217.17, which is roughly 3.17% lower than yesterday’s peak at $1,272.13.
Bulls appeared determined to regain the $1,300 mark during the weekend. However, like BTC this goal was stopped by the RSI indicator.
This weekend’s 39.80 threshold on the Relative Strength Index was insurmountable, so bulls chose to liquidate any earlier gains.
It is possible that traders will make another attempt at the level in the coming days. This would result in prices returning to $1,300.
Are we likely to see further price increases before the end of the month? Comment below to share your views.
Image creditShutterstock. Pixabay. Wiki Commons
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