On Monday, volatility in crypto markets was high as bitcoin was mostly in red to begin the week. As prices consolidate, the token has fallen below $20,000 once more. Ethereum traded sideways as well, with prices dropping marginally below a key support area earlier in the day.
Bitcoin
Bitcoin (BTC), trading in the red this week, was the same as the previous, and also traded below $20,000.
The world's largest cryptocurrency fell to an intraday low of $19,673.05 on Monday, as the post-nonfarm-payrolls-report bearish sentiment continued.
Today's low saw BTC/USD briefly close to $19,600 as support, but bulls have so far held firm.
The chart shows that the relative strength index (RSI), which measures 24-days of relative strength, fell short of its ceiling.
The RSI is currently tracking at 35.84 as of writing. This is lower than the resistance point of 37.90.
This is likely to be the first hurdle bitcoin must overcome in order to reach $20,000 again.
Ethereum
Although ethereum (ETH), was trading at $1,600 again, prices were generally higher than Sunday's low.
Yesterday's session saw ETH/USD drop to $1,540, but it has risen to $1,584.26 today.
This move brings ethereum closer towards its resistance level at $1,615, which seems to be an area with significant uncertainty.
The RSI is close to a similar level of resistance as the index currently tracks at 48.00. This has exacerbated the volatility.
The chart shows that bears often reenter at this stage, hoping to profit from bulls looking for a breakout.
As with bitcoin, ETH bulls will need to get past the current points of contention if they want to send prices soaring.
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By: Eliman Dambell
Title: Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate to Start the Week
Sourced From: news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-eth-consolidate-to-start-week/
Published Date: Mon, 05 Sep 2022 13:30:28 +0000
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