Bitcoin started the week on the verge of a bearish crossover of two major moving average trend lines, which could signal an upcoming price drop. It looks like the 10-day and the 25-day EMA will cross, which could lead to a breach of the $27,000 level. Ethereum is trading above the bottom line at $1,830 as of writing.
bitcoin
bitcoin (BTC) is about to mark a bearish cross between the 10-day (red) and the 25-day (blue) moving averages.
A recent downtrend pushed it in today BTC/ USD to an intraday low of $27,192.03, also triggered an overall shift in market momentum.
This latest drop in bitcoin comes less than a day after the world’s largest cryptocurrency traded at $27,979.98.
Total, BTC It is trading more than 7% lower than it was at the same point last week, when the price was above $30,000.
In addition to the possible crossover of the moving averages, the 14-day relative strength index (RSI) continues to move near the floor at 42.00.
At the time of writing, the index is tracking at 44.11, with BTC Trading at $27,550.00.
Ethereum
In addition to BTCethereum (ETHThe week also started in the red, with prices hovering near a major support point.
After a high of $1,888.19 on Sunday, ETHUSD/USD fell to an intraday low of $1,831.16 earlier in today’s session.
As a result of this move, Ethereum has fallen near its long-term price floor at $1,830, however the bulls have so far rejected a breakout.
One of the reasons for the lack of a break yet seems to be due to the RSI indicator, which continues to trend above the support at 44.00.
Price strength is now tracking at 45.58, with a cap at 52.00 a possible target for the bulls hoping to retake the $1900 mark.
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