Bitcoin, Ethereum Technical Analysis: BTC Continues to Consolidate, Despite Encouraging Comments From Elon Musk
Bitcoin and ETH have been as soon as once more consolidating to begin the week, regardless of bullish feedback from Elon Musk. In a tweet earlier at the moment, Musk stated: “I nonetheless personal & gained’t promote my Bitcoin, Ethereum or Doge.” Although costs marginally rose, they continue to be near current assist ranges.
The world’s largest cryptocurrency rebounded from its assist degree to begin the week, nevertheless it nonetheless remained beneath $40,000.
Following a low of $37,680.73 on Sunday, BTC/USD has to this point risen to an intraday excessive of $39,234.62 on Monday.
Today’s excessive comes as markets failed to interrupt out of the ground of $37,600, which was held, as worth energy additionally discovered a flooring.
As of writing, the 14-day RSI is underneath its personal resistance level of 47, following a failed break of the 43.61 assist.
This degree was the bottom the RSI has tracked since March 8, and has traditionally been some extent at which bulls start to stress bears.
However, till we see a real breakout of the present ceiling of 47, BTC will probably proceed to consolidate between $37,600 and $39,500.
The consolidation of ETH was much more evident to begin the week, as costs marginally slipped beneath current assist.
ETH/USD hit an intraday low of $2,503.89 throughout at the moment’s session, as bears momentarily broke previous the $2,550 assist degree.
Although costs have since risen to a excessive of $2,604.03 at the moment, the current market stress has seen ETH consolidate within the type of decrease lows.
This slight descending pattern could possibly be an indication of both a bear lure, the place costs give the sentiment of a falling market previous to a big rebound, or the start of additional drops in worth.
We will probably proceed to see this uncertainty lengthen, up till an enormous shift in market sentiment lastly arises.
How lengthy do you count on this consolidation to proceed? Leave your ideas within the feedback beneath.