BTC Runs To 3-Week High On Monday – Market Updates Bitcoin News
Bitcoin traded above $17,000 on Monday, as the world’s largest cryptocurrency soared to a three-week high. Today’s move comes as prices rose for the second straight day, with momentum now strongly bullish. Ethereum was also in the green to start the week, with the coin hovering near the $1,300 mark.
Bitcoin
Bitcoin (BTC) rose to a three-week high on Monday, as prices climbed for a second straight session.
After a low of $16,940.90 on Sunday, BTC/USD moved to an intraday high of $17,378.15 earlier in today’s session.
This high is the strongest point that bitcoin has hit since November 11, when the price peaked at $17,645.
-
BTC/USD – Daily Chart
Looking at the chart, today’s rise comes as the 10-day (red) moving average extended its upward cross of its 25-day (blue) counterpart.
In addition to this, the 14-day relative strength index (RSI) has also moved higher, currently standing at 50.40, above the ceiling of 50.00.
Should this upward momentum continue, it is likely that BTC bulls will have a ceiling at $17,700.
Ethereum
In addition to bitcoin, ethereum (ETH) was also in the green to start the week, as prices moved closer to $1,300.
ETH/USD rose to a high of $1,302.24 earlier in today’s session, less than 24 hours after falling to a low of $1,253.16.
As a result, the world’s second largest cryptocurrency has now marginally broken out of a long-term resistance point at $1,300.
-
ETH/USD – Daily Chart
Similar to the trend on bitcoin’s chart, ethereum’s 10-day moving average (MA) (red) continues its upward climb towards the 25-day MA.
The 14-day RSI has also climbed, with the index at 52.87, which is above a ceiling of 52.00.
When bulls are finally able to break this current wall, the next target for traders will likely be the $1,350 point.
Register your email here to get weekly price analysis updates delivered to your inbox:
What is the highest point you expect ethereum to reach this week? Leave your thoughts in the comments below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
