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Bitcoin, Ethereum Technical Analysis: BTC Falls Below $22,000 to Start the Week 

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Bitcoin fell below $22,000 to start a new trading week as sentiment in the cryptocurrency markets appeared to have turned bearish. The recent decline in the price of the world’s largest token continued on Monday, with Ethereum also experiencing a similar downward momentum. Global market capitalization is down over 3% at the time of writing.

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Bitcoin (BTC) prices were in the red again during today’s session as prices fell below $22,000 earlier in the week.

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The world’s largest cryptocurrency fell to an intraday low of $21,804.35 in today’s session, more than $1,100 from Sunday’s peak.

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saw yesterday BTC/USD is trading at a high of $22,974.00, however, as a result of increased market turbulence, the price of the token has fallen.

BTC/USD – daily chart

Today’s move has seen bitcoin drop to its recent $21,000 support point, however the bulls have so far resisted the bears’ attempts to force a breakout.

Following today’s lows, BTC recovered somewhat and is trading just below $22,000 at $21,989.16 at the time of writing.

The Relative Strength Index (RSI) also fell and the indicator is now tracking the 50 level, which was previously a support level.

Ethereum

In addition to Bitcoin, Ethereum (Ethereum) was also in the red as prices dropped to a new support point at $1,500.

Ethereum/USD fell to an intraday low of $1506.66 earlier in the week as prices continue to consolidate for the seventh straight session.

This weekly consolidation took place between the $1,500 low and the recent $1,650 price ceiling.

Ethereum/USD – daily chart

Looking at the chart, this sideways trend started after an unsuccessful breakout of the 69 resistance level on the 14-day RSI.

The index is currently at 59, approaching another point of uncertainty, which is at 57. If relative strength falls below this point, we may see further declines.

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Can we see Ethereum drop further this week? Leave your thoughts in the comments below.

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Credit : news.bitcoin.com

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