Cryptocurrencies were down at the start of the week, even though a lot of crypto companies had Super Bowl ads. Over 100 million people saw the “crypto bowl” ads, but bitcoin prices started to fall on Monday.
Bitcoin
BTC/USD is down for the fifth time in a row to start the week, as markets lost all of last week’s gains.
Sunday saw BTC/USD hit a high point of $42,693.05 in the middle of the day. Monday saw it fall to an intraday low of $41,681.96.
Price drops have brought Bitcoin closer to $40,800, a level it hasn’t hit since February 5. This is a level it hasn’t reached since then.
Monday’s move comes as price strength has continued to fall, with the 14-day RSI falling below recent multi-month highs. This is why Monday’s move is important.
As of this writing, the Relative Strength Index is at 55, a level that appears to be a short-term floor. However, if it moves above 56.43, the bulls could come back in.
There is a slowdown in momentum when we look at the moving averages for 10 days and 25 days. As these trend lines start to move sideways, this slows down the momentum.
If the floor is likely to be hit, long-term traders may look to buy this dip.
Ethereum
Ethereum was also down at the start of the week, as the bears kept on circling the world’s second largest cryptocurrency.
However, as the day went on, prices started to move up a little bit, after the US opened.
A few minutes before writing, the value of the Ethereum network had risen a little bit, as prices were again trying to break through the $3,000 level.
An intraday low was reached today in the form of $2,840.26 in the form of ETH/USD. It then rose to a high of $2,957.96, which is 0.24 percent higher than its highest point from last weekend.
This is because the 14-day Relative Strength Index was a little higher, and it was nearing its key resistance level of 51, which is where it should be.
There are moving averages on ETH/USD that are trending in the same direction as BTC, but there are a lot of people who are still optimistic that the price will rise again if we break through the $3,022 level again.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
