Initial results for cryptocurrencies showed that they were in the red, even though several crypto companies secured Super Bowl advertising slots. Over 100 million viewers watched the “crypto bowl” advertisements, however bitcoin prices started lower on Monday.
Bitcoin
BTC/USD is lower for a fifth consecutive session to start the week, as markets gave up all of last week’s gains.
BTC/USD fell to an intraday low of $41,681.96 on Monday, following a peak of $42,693.05 during Sunday’s session.
The recent decline in prices has pushed BTC closer to support of $40,800, a level it hasn’t hit since February 5.
Monday’s move comes as price strength has continued to slip, with the 14-day RSI falling below recent multi-month highs.
At the time of writing, Relative Strength Index stands at 55. It appears that this level is a short-term threshold. Should it rise above resistance of 56.43 bulls might re-enter.
The moving averages of the 10-day and 25-days show a convergence in momentum. These trend lines start to move sideways.
It seems probable that the floor would be reached, but long-term traders may consider buying this dip.
Ethereum
Ethereum was also lower to start the week, as bears continued to circle the world’s second largest cryptocurrency.
However, bullish momentum began to build as prices moved onwards, in line with the U.S. opening.
As at writing, ETH was slightly higher as prices looked to trade over the $3,000 mark.
ETH/USD hit an intraday low of $2,840.26 during the course of today’s session, however it climbed to a high of $2,957.96 shortly thereafter, which is 0.24% higher than Sunday’s high.
This is despite the fact that the Relative Strength Index for 14 days was slightly higher than normal and close to its critical resistance level 51.
Like BTC, the trend of the moving averages in USD/ETH has started to drift sideways. Many still expect a future rally should the $3,022 resistance be broken again.
Are we likely to see a surge in crypto traders after the Super Bowl. Comment below to share your views.
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