Bitcoin and Ethereum Technical Analysis: Bitcoin rebounds, after a turbulent weekend of trading
By Admin
Recent declines in the world's two largest cryptocurrencies eased to start the week, as both appear to have found their own ground. Bitcoin extended its losses during Monday's session, while Ethereum continued to trade sideways.
Bitcoin After falling to a one-week low below $38,000 on Sunday, the price of Bitcoin has rebounded to start the week, as it appears that a point of support has finally been found. BTC/USD fell to an intraday low of $37,577 earlier in today's session, its lowest level since February 28, but prices have since moved away from that point. As of writing, BTC/USD is trading 0.59% higher, at $39,114.31, after the previous high of $39,277.14.
BTC/USD – Daily Chart This rise in price comes as a result of the bulls who bought yesterday's dip, once the price found what appears to be a sustainable floor. From the chart, history shows us that on February 4th and 28th, a large number of buyers entered the market.
This resulted in significant price fluctuations that helped form a bullish pattern, which wiped out 2-3 days of declines. Many are now waiting to see if history will repeat itself. Ethereum ETH continued to consolidate around the $2,600 range to start the week, as price action in the world's second-largest cryptocurrency was largely muted.
After three straight days of declines, Ethereum appears to have found its base at the $2,550 level on March 4, and since then, it has basically hovered above that point. Despite falling to an intraday low of $2,507.11 earlier today, ETH/USD has rebounded, and as of writing is trading at $2,649.07.
ETH/USD – daily chart
The 14-day RSI also shows that price strength is marginally higher, currently tracking at 43.8, after briefly falling below its low of 41.30 at the end of last week. Although the bulls are likely lurking, some bears are still present as well, with the $2,400 low being a target for some who still believe further declines could be imminent.
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