BTC, ETH Hover at Key Support Levels to Start Week – Market Updates Bitcoin News


Bitcoin continues to hover below $20,000 to start the week, as U.S. markets were mainly closed due to the Independence Day celebrations. This past weekend’s volatility carried forward into Monday’s session, with ETH remaining close to a breakout below $1,000.

Bitcoin

Bitcoin started the week in the red, as the world’s largest crypto token continues to hover below $20,000.

Following a volatile weekend of trading activity, BTC/USD dropped to an intraday low of $18,971.81 on Monday.

As a result of this move, bitcoin continued to trade close to its support point of $18,800, with bears still targeting further lows.

BTC/USD – Daily Chart

Looking at the chart, there is currently a lower floor at $17,700, which may be the next destination for prices, should momentum continue on its downward trend.

However, there is one notable obstacle in the way of this move, that being of the 14-day RSI which is currently tracking at a support of its own.

This is at the 28.60 level, and it is a support that has held firm for the past two weeks. Should this eventually give way, however, then more bears will likely enter the market.

Ethereum

In addition the BTC, ethereum was also in the red to start the week, with price once again tracking close to a support level at $1,050.

Overall, ETH/USD has now been in this current downtrend for the past ten sessions, with today’s low seeing it hit a floor of $1,044.01.

Like BTC, there seems to be a lower low ahead for the world’s second largest cryptocurrency, with bears firmly set on heading below $1,000.

ETH/USD – Daily Chart

The target here could be as low as $885, which is a point that was last hit on June 18, following a then nine-day losing streak.

Despite this current run of lows from ETH, the 10-day and 25-day moving averages are at their closest proximity since they last crossed over in an upward trend on March 22.

So although we could see further lows, there is also the possibility of a bounce in prices, once a firm floor is finally found.

Could we see ETH break below $1,000 this week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic 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

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