Bitcoin started the week trading higher, as markets prepared for a big week of economic data in the United States. The headline announcement will be Friday’s nonfarm payrolls, in addition to services and manufacturing activity data. Ethereum continued to trade above a key support point on Monday.
Bitcoin, Ethereum Technical Analysis: BTC Slightly Higher Ahead of This Week’s US Economic Data
This article was published more than a year ago. Some information may no longer be current.
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Bitcoin
Bitcoin ( BTC) was in the green to start the week, with the price trading at its highest point since last Friday.
Traders are optimistic heading into August, which has historically been a bullish month for the cryptocurrency.
BTC/USD hit an intraday high of $29,489.87, which comes following a low at $29,059.50 during Sunday’s session.
Bitcoin bulls rejected a breakout below the $29,000 mark, just as the relative strength index ( RSI) closed in on a collision with a resistance level at 46.00.
This ceiling appears to be a major obstacle preventing price from moving towards its obvious target at the $30,000 mark.
At the time of writing, the RSI is tracking at 45.97 with bitcoin at $29,362.66.
Ethereum
Ethereum ( ETH) remained above a key support level at $1,850 on Monday, as traders continued to target the $1,900 level.
Following a low of $1,851.73 on Sunday, ETH/USD jumped to a peak of $1,884.14 earlier in the day.
The world’s second largest cryptocurrency has now gone ten days since it last traded above the $1,900 mark.
Like with BTC, in order for ETH to make further upward strides, it will first need to break out of a current ceiling on the RSI.
The index is currently tracking at 47.72, which is marginally below a key resistance level at the 48.00 mark.
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What is the peak point ethereum could reach in August? Leave your thoughts in the comments below.
