Bitcoin continued below $20,000 for the start of the week, as US markets were closed mainly due to Independence Day celebrations. Last weekend’s volatility extended into Monday’s session, with ETH close to a breakout below $1,000.
Bitcoin started the week in the red, as the world’s largest crypto token is hovering below $20,000.
After a volatile weekend of trading activity, BTC/USD fell to a low of $18,971.81 on Monday.
As a result of the move, bitcoin continued to trade near its support point of $18,800, with the bears still targeting further lower.
Looking at the chart, there is currently a low level at $17,700 which could be the next destination for the price if the downside momentum continues.
However, there is one notable obstacle standing in the way of this move, which is the 14-day RSI which is currently tracking its own support.
It is at the 28.60 level, and it is a support that has been stable for the past two weeks. Should it eventually give way, however, more bears could enter the market.
Apart from BTC, Ethereum was also in the red at the start of the week, with the price once again approaching the $1,050 support level.
Overall, ETH/USD has been in this current downtrend for the past ten sessions now, with today’s lows as low as $1,044.01.
Like BTC, there appears to be a lower low for the world’s second largest cryptocurrency, with the bears poised for a firm break below $1,000.
The target here could be as low as $885, a point that was last hit on June 18th, again after nine days of losses.
Despite this current low from ETH, the 10-day and 25-day moving averages are at their closest since they last moved up on March 22.
So, although we may see further downside, there is also the possibility of a price rally, once a firm floor is found.
Can we see ETH break below $1,000 this week? Give your thoughts in the comment below.
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