Following a red start to October, crypto prices moved marginally higher during Monday’s session. The U.S. Dollar began to fall against G7 currencies, causing bitcoin to rise above $19,000 for a brief time on Sunday. Ethereum also moved above $1,300, temporarily.
Bitcoin
Bitcoin (BTC), which traded marginally higher Monday due to crypto price reactions to the weaker U.S. Dollar, was slightly up on Monday.
Following last week’s rally in USD, the currency eased to start the month, giving way to the return of bitcoin bulls.
BTC/USD rose to an intraday high of $19,312.48 in today’s session, less than 24 hours after trading at a floor of $18,970.62.
The chart shows that the movement saw the token slightly rise above the resistance level at $19,300, which is historically an area of uncertainty.
The turbulence is somewhat back, as BTC trades at $19,208.10.
Today’s rally also coincided with the 14-day relative strength index (RSI) bouncing off a key floor of 43.00. We could see prices moving closer to $22,000 if this upward trend continues.
Ethereum
Ethereum (ETH), which was also shaken by signs of a Red October, rebounded after four bearish sessions.
After a low of $1,271.15 on Sunday, the world’s second largest cryptocurrency raced to a high of $1,308.90 to start the week.
This move saw the ETH/USD moving towards $1,315, its resistance level since mid September.
Like with bitcoin, ethereum’s 14-day RSI has bounced from a point of support at 36.60, and appears to be heading towards resistance of 41.50
If this happens, the token will most likely move toward a higher ceiling at $1,385, and then possibly climb back up to $1,400.
Also, the 10-day (reddish) moving average seems to be on a different course. This bullish sign will most likely be viewed as positive.
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Credits for the imageShutterstock. Pixabay. Wiki Commons
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