Bitcoin started the week on the brink of a downwards crossover of two key moving average trend lines, which could signal an upcoming price drop. The 10-day and 25-day moving average look set to cross, potentially leading to a breakout of the $27,000 level. Ethereum is trading above a floor at $1,830 as of writing.
Bitcoin
Bitcoin (BTC) is on the brink of registering a downward crossover of its 10-day (red) and 25-day (blue) moving averages.
A recent downtrend, which today pushed BTC/USD to an intraday low of $27,192.03, has also led to an overall shift in market momentum.
This latest low in bitcoin comes less than a day after the world’s largest cryptocurrency traded at a high of $27,979.98.
Overall, BTC is trading over 7% lower than at the same point last week, when the price was above $30,000.
In addition to the potential crossover of moving averages, the 14-day relative strength index (RSI) continues to hover close to a 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 BTC, ethereum (ETH) also started the week in the red, with prices hovering close to a key point of support.
Following a high of $1,888.19 on Sunday, ETH/USD slipped to an intraday low of $1,831.16 earlier in today’s session.
As a result of this move, ethereum fell close to its long-term price floor at $1,830, however bulls have so far rejected a breakout.
One of the reasons that a break has yet to occur seems to be due to the RSI, which continues to trend above support at 44.00
Price strength is now tracking at 45.58, with a ceiling at 52.00 a potential target for bulls hopeful of recapturing the $1,900 mark.
Register your email here to get weekly price analysis updates sent to your inbox:
Could ethereum move above $1,900 this week? Leave your thoughts in the comments below.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Minting the Future w Adryenn Ashley. Access Here.
- Source: https://www.bitcoinnewsminer.com/bitcoin-ethereum-technical-analysis-btc-on-brink-of-death-cross-on-moving-average-trendline/
- :has
- :is
- 000
- 11
- 98
- a
- above
- addition
- After
- also
- an
- analysis
- and
- AS
- At
- average
- BE
- below
- Bitcoin
- Blue
- Break
- breakout
- brink
- BTC
- Bulls
- ceiling
- Close
- comments
- continues
- could
- Cross
- cryptocurrency
- day
- downward
- Drop
- Earlier
- ethereum
- Floor
- For
- get
- Have
- here
- High
- hopeful
- hover
- However
- HTTPS
- in
- index
- ITS
- jpg
- Key
- largest
- Last
- latest
- leading
- Leave
- Led
- Level
- lines
- long-term
- Look
- Low
- mark
- Market
- max-width
- Momentum
- move
- moving
- moving average
- moving averages
- news
- now
- of
- on
- over
- overall
- plato
- Plato Data Intelligence
- PlatoData
- Point
- potential
- potentially
- price
- Price Analysis
- Prices
- pushed
- reasons
- recent
- Red
- registering
- relative strength index
- Relative Strength Index (RSI)
- result
- rsi
- same
- seems
- session
- set
- shift
- Signal
- So
- so Far
- started
- strength
- support
- Target
- Technical
- Technical Analysis
- than
- that
- The
- this
- this week
- time
- to
- today
- today’s
- Tracking
- traded
- Trading
- Trend
- upcoming
- Updates
- was
- week
- weekly
- which
- with
- world’s
- writing
- Your
- zephyrnet