Bitcoin
Bitcoin began the week with a trading price below $26,000, as traders anticipated upcoming economic releases in the U.S.
The BTC/USD pair reached a low of $25,620.46 earlier in the day after ending the weekend at $25,978.13.
Bitcoin’s price decline on Monday kept it close to a crucial support level around $25,600.
Bitcoin RSI and Bullish Reversal
- The 14-day relative strength index (RSI) is approaching a floor at 35.00.
- The current RSI reading is 37.09, unable to break through the 45.00 ceiling last week.
- If the RSI remains above 35.00, there is a high probability of a bullish reversal in the coming days.
Ethereum
Ethereum (ETH) started the week with a slight decline, dropping below the $1,600 level on Monday.
After reaching a peak of $1,627.67 on Sunday, the ETH/USD pair fell to an intraday low of $1,581.79.
This is the lowest level Ethereum has seen since August 22.
Ethereum Price Floor and Oversold Condition
- A breakout occurred on a price floor of $1,620, attracting bearish pressure.
- The price strength is now oversold, with a reading of 31.27.
- The next support level is expected at around 28.00.
Hot Take: Bitcoin and Ethereum Face Support Challenges
Both Bitcoin and Ethereum experienced a decline in prices, with Bitcoin hovering near a key support level and Ethereum reaching its lowest point in weeks. The relative strength index (RSI) for both cryptocurrencies indicates a potential for a bullish reversal if certain conditions are met. Bitcoin’s RSI needs to remain above 35.00, while Ethereum’s price strength is oversold. Traders will closely monitor these support levels and indicators to determine the direction of the market in the coming days. The cryptocurrency market continues to be influenced by economic releases and investor sentiment, highlighting the need for cautious trading strategies.
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