BTC On the Verge of ‘Death Cross’ on Moving Average Trendline – Market Updates Bitcoin News

Bitcoin started the week on the verge of a downside crossing of two key moving average trendlines, which could signal an impending price drop. The 10-day and 25-day moving averages are likely to cross, which could potentially lead to a breakout above $27,000. Ethereum is trading above a floor at $1,830 at the time of writing.

Bitcoin

Bitcoin (BTC) is about to see a downside crossover from its 10-day (red) and 25-day (blue) moving averages.

A recent downtrend that pushed BTC/USD to an intraday low of $27,192.03 today has also resulted in an overall shift in market momentum.

This latest Bitcoin low comes less than a day after the world’s largest cryptocurrency traded at a high of $27,979.98.

Overall, BTC is trading over 7% lower than at the same point last week when the price was above $30,000.

In addition to the possible moving average crossover, the 14-day Relative Strength Index (RSI) remains trading near a floor at 42.00.

At the time of writing, the index sits at 44.11 with BTC trading at $27,550.00.

ether

Alongside BTC, Ethereum (ETH) also started the week in the red, with prices hovering near a key support point.

After hitting a high of $1,888.19 on Sunday, ETH/USD slipped to an intraday low of $1,831.16 earlier in today’s session.

As a result of this move, Ethereum fell close to its long-term price floor of $1,830, but bulls have so far rejected a breakout.

One of the reasons a break is yet to come seems to be the RSI which continues to trend above the 44.00 support

Price strength is now hovering around 45.58 with a cap at 52.00 as a potential target for bulls hoping to reclaim $1,900.

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Could Ethereum Surge Above $1,900 This Week? Leave your thoughts in the comments below.

Elijah Dambell

Eliman was previously a director of a London based brokerage firm while also teaching online trading. He currently comments on various asset classes including crypto, stocks and forex while also being the founder of a startup.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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