Bitcoin
Bitcoin (BTC) continues to consolidate as it moves above the key support point of $29,200. Here are the key points:
– BTC/USD jumped to an intraday peak of $29,521.51 today, after reaching a low of $29,186.47 on Friday.
– Traders are looking for a firm floor after recent selloffs and BTC has mostly consolidated this past week.
– The relative strength index (RSI) is currently at 43.95 and could reach a ceiling at 48.00.
– If price strength continues, there is a good chance BTC could be trading above $29,800.
Ethereum
Ethereum (ETH) has made progress towards the $1,900 level after a volatile few days. Here are the key points:
– ETH/USD peaked at $1,881.46 today, following a bottom at $1,865.45 on Saturday.
– Ethereum has been unable to surpass the $1,900 point since last Sunday and has been in a downtrend since moving over $2,000 earlier in the month.
– The RSI is on the verge of breaking out of a resistance level at 49.00, which could attract previous bulls back into the market.
– The 10-day moving average might also change its course and move back over the 25-day moving average.
Hot Take
Bitcoin and Ethereum are both showing signs of consolidation and potential upward movement. Keep an eye on the RSI for possible breakouts and watch for BTC to trade above $29,800 and ETH to surpass $1,900. This could indicate a shift in market sentiment and attract more traders back into the crypto market.
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