BTC On The Brink Of ‘Death Cross’ On Moving Average Trendline – Market Updates Bitcoin News
Bitcoin started the week on the brink of a downward crossover of two key moving average trend lines, which could signal an upcoming price drop. The 10-day and 25-day moving averages look set to cross, potentially leading to a breakout of the $27,000 level. Ethereum is trading above a floor at $1,830 at the time of writing.
Bitcoin
Bitcoin (BTC) is on the verge of registering a bearish crossover of its 10-day (red) and 25-day (blue) moving averages.
A recent downtrend, which today pushed BTC/USD to an intraday low of $27,192.03, has also led to a general shift in market momentum.
This latest low in bitcoin comes less than a day after the world’s largest cryptocurrency traded at a high of $27,979.98.
Overall, BTC is trading over 7% lower than at the same time last week, when the price was above $30,000.
In addition to the potential crossing of moving averages, the 14-day relative strength index (RSI) continues to hover near a floor of 42.00.
At the time of writing, the index is trading at 44.11, with BTC trading at $27,550.00.
Ethereum
In addition to BTC, ethereum (ETH) also started the week in the red, with prices hovering near a key support point.
After a high of $1,888.19 on Sunday, ETH/USD fell to an intraday low of $1,831.16 earlier in today’s session.
As a result of this move, Ethereum fell near the long-term price floor of $1,830, but bulls have so far rejected a breakout.
One of the reasons a break has yet to occur appears to be due to the RSI, which continues to trend above support at 44.00
Price strength is now being tracked at 45.58, with a ceiling of 52.00 a potential target for bulls hoping to recapture the $1,900 mark.
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