Bitcoin started the week hovering slightly above the $29,300 region, however bulls continue to target a resistance level of $30,000. The cryptocurrency mostly consolidated this past weekend, with this sentiment still present on Monday. Ethereum fell marginally below its Sunday peak.
Bitcoin, Ethereum Technical Analysis: BTC Bulls Continue to Target $30,000, Despite Slow Start to the Week
This article was published more than a year ago. Some information may no longer be current.
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Bitcoin
Bitcoin ( BTC) started yet another week in consolidation, as price uncertainty in the market remained high.
After peaking at $29,441.00 on Sunday, BTC/USD dropped to a bottom at $29,124.11 earlier in today’s session.
Since falling to this low, bitcoin bulls moved to buy the marginal dip, pushing price to a current reading of $29,351.73.
In order for bullish momentum to truly intensify this week, a ceiling of 49.00 will first need to be broken on the 14-day relative strength index ( RSI).
At the time of writing, the index is tracking at a reading of 47.90, with the 10-day (red) moving average on the cusp of an upward cross.
A breakout above the 49.00 zone will also likely lead to a crossover of moving averages, which could be what is needed to recapture the $30,000 mark this week.
Ethereum
Similar to BTC, ethereum ( ETH) was also largely unchanged on Monday, as the cryptocurrency continued to trend sideways.
ETH/USD fell to an intraday low of $1,834.80 to start the week, which comes following Sunday’s high at $1,859.92.
The decline resulted in ethereum once again moving towards a key support point at $1,830, which is a level it has been tied to for the past few weeks.
Despite this downward sentiment, the 10-day (red), and 25-day (blue) moving averages have moved closer to an upwards crossover.
Like with BTC above, for this to occur the RSI would first need to breach a resistance zone, in this instance at the 48.00 point.
Should this take place, ETH could hit $1,900 in the coming days.
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Do you expect bitcoin to hit $30,000, and ethereum $1,900 this week? Leave your thoughts in the comments below.
