Bitcoin and ETH were once again consolidating to start the week, despite bullish comments from Elon Musk. In a tweet earlier today, Musk said: “I still own & won’t sell my Bitcoin, Ethereum or Doge.” Although prices marginally rose, they remain close to recent support levels.
Bitcoin
The world’s largest cryptocurrency rebounded from its support level to start the week, however it still remained below $40,000.
Following a low of $37,680.73 on Sunday, BTC/USD has so far risen to an intraday high of $39,234.62 on Monday.
Today’s high comes as markets failed to break out of the floor of $37,600, which was held, as price strength also found a floor.
BTC/USD – Daily Chart
As of writing, the 14-day RSI is under its own resistance point of 47, following a failed break of the 43.61 support.
This level was the lowest the RSI has tracked since March 8, and has historically been a point at which bulls begin to pressure bears.
However, until we see a true breakout of the current ceiling of 47, BTC will likely continue to consolidate between $37,600 and $39,500.
Ethereum
The consolidation of ETH was even more evident to start the week, as prices marginally slipped below recent support.
ETH/USD hit an intraday low of $2,503.89 during today’s session, as bears momentarily broke past the $2,550 support level.
Although prices have since risen to a high of $2,604.03 today, the recent market pressure has seen ETH consolidate in the form of lower lows.
ETH/USD – Daily Chart
This slight descending trend could be a sign of either a bear trap, where prices give the sentiment of a falling market prior to a significant rebound, or the beginning of further drops in price.
We will likely continue to see this uncertainty extend, up until a huge shift in market sentiment finally arises.
How long do you expect this consolidation to continue? Leave your thoughts in the comments below.
Eliman Dambell
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
BTC Continues to Consolidate, Despite Encouraging Comments From Elon Musk – Market Updates Bitcoin News
Bitcoin and ETH were once again consolidating to start the week, despite bullish comments from Elon Musk. In a tweet earlier today, Musk said: “I still own & won’t sell my Bitcoin, Ethereum or Doge.” Although prices marginally rose, they remain close to recent support levels.
Bitcoin
The world’s largest cryptocurrency rebounded from its support level to start the week, however it still remained below $40,000.
Following a low of $37,680.73 on Sunday, BTC/USD has so far risen to an intraday high of $39,234.62 on Monday.
Today’s high comes as markets failed to break out of the floor of $37,600, which was held, as price strength also found a floor.
As of writing, the 14-day RSI is under its own resistance point of 47, following a failed break of the 43.61 support.
This level was the lowest the RSI has tracked since March 8, and has historically been a point at which bulls begin to pressure bears.
However, until we see a true breakout of the current ceiling of 47, BTC will likely continue to consolidate between $37,600 and $39,500.
Ethereum
The consolidation of ETH was even more evident to start the week, as prices marginally slipped below recent support.
ETH/USD hit an intraday low of $2,503.89 during today’s session, as bears momentarily broke past the $2,550 support level.
Although prices have since risen to a high of $2,604.03 today, the recent market pressure has seen ETH consolidate in the form of lower lows.
This slight descending trend could be a sign of either a bear trap, where prices give the sentiment of a falling market prior to a significant rebound, or the beginning of further drops in price.
We will likely continue to see this uncertainty extend, up until a huge shift in market sentiment finally arises.
How long do you expect this consolidation to continue? Leave your thoughts in the comments below.
Eliman Dambell
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Source: https://news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-continues-to-consolidate-despite-encouraging-comments-from-elon-musk/