by Eliman Dambell
Bitcoin started the week trading below $19,000, as recent economic pressures continued to weigh on cryptocurrency markets. The token fell lower in today’s session, as market sentiment remained bearish following last week’s rate hikes by the U.S. Federal Reserve. Ethereum was also lower, falling below $1,300.
Bitcoin (BTC) slipped below $19,000 to start the week, as sentiment in the market remained bearish following last week’s interest rate hike by the U.S. Federal Reserve.
Following a weekend of consolidation, BTC/USD fell to a low of $18,696.47 on Monday, less than 24 hours after trading at a peak of $19,274.87.
Today’s decline pushes bitcoin closer to its long-term support level of $18,300, which was last hit on Wednesday, following the United States FOMC meeting.
As of writing, BTC has marginally moved away from the aforementioned low, and is currently trading at $18,942.88
Bears look set to recapture this floor, and should this happen, we will likely see the world’s largest cryptocurrency trading at a three-month low.
In order for sentiment to shift, bulls will likely need to move beyond a ceiling of 44.00 on the 14-day relative strength index (RSI).
Ethereum (ETH) was trading lower on Monday, as the token continued to linger below the $1,300 level.
Following a high of $1,330.44 on Sunday, ETH/USD slipped to an intraday low of $1,275.63 earlier today.
This move comes as the RSI failed to break out of a key ceiling of 39.00, leading to an increase of bearish pressure.
The 10-day (red) moving average also continues to move downward versus its 25-day (blue) counterpart, which is yet another sign of bearish intent.
It appears that bears could be targeting the floor of $1,215, and should they succeed in hitting this point, may begin to slowly exit their positions.
As of writing, ETH is trading at $1,314.92, as bulls attempt to battle against the sell-off.
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Do you expect ethereum to climb higher this week? Leave your thoughts in the comments below.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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