BTC, ETH Hover on Important Support Levels to Start the Week – Bitcoin News Market Updates
Bitcoin continues to hover below $ 20,000 to start the week, as US markets were closed mainly due to the Independence Day celebrations. Last weekend’s volatility continued into Monday’s session, with ETH remaining close to a breakout below $ 1,000.
Bitcoin
Bitcoin started the week in red, as the world’s largest cryptocurrency continues to hover below $ 20,000.
After a volatile weekend of trading, the BTC / USD fell to a low during the day of $ 18,971.81 on Monday.
As a result of this move, bitcoin continued to trade near the support point of $ 18,800, with bears still aiming for further downturns.
Looking at the chart, there is currently a lower floor of $ 17,700, which could be the next destination for prices, if the momentum continues on the downward trend.
However, there is a notable obstacle in the way of this move, it is the 14-day RSI that is currently tracking its own support.
This is at the 28.60 level, and it is a support that has remained the same for the last two weeks. However, should this give way, more bears will probably enter the market.
Ethereum
In addition to BTC, ethereum was also in the red to start the week, with the price again following close to a support level of $ 1,050.
Overall, the ETH / USD has now been in this downward trend over the last ten sessions, with today’s lowest level when it reached a floor of $ 1,044.01.
Like BTC, it appears to be a lower low going forward for the world’s second largest cryptocurrency, with bears determined to go below $ 1,000.
The target here can be as low as $ 885, which is a point that was last hit on June 18, after a then nine-day losing streak.
Despite this current low point run from ETH, the 10-day and 25-day moving averages are in their immediate vicinity since they last switched to an upward trend on 22 March.
So even if we could see further declines, there is also the possibility of a rise in prices, when a solid floor is finally found.
Can we see ETH break below $ 1000 this week? Leave your thoughts in the comments below.
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