Bitcoin, Ethereum Technical Analysis: BTC Continues to Consolidate, Despite Encouraging Comments From Elon Musk 

Bitcoin and ETH were erstwhile again consolidating to commencement the week, contempt bullish comments from Elon Musk. In a tweet earlier today, Musk said: “I inactive ain & won’t merchantability my Bitcoin, Ethereum oregon Doge.” Although prices marginally rose, they stay adjacent to caller enactment levels.

Bitcoin

The world’s largest cryptocurrency rebounded from its enactment level to commencement the week, nevertheless it inactive remained beneath $40,000.

Following a debased of $37,680.73 connected Sunday, BTC/USD has truthful acold risen to an intraday precocious of $39,234.62 connected Monday.

Today’s precocious comes arsenic markets failed to interruption retired of the level of $37,600, which was held, arsenic terms spot besides recovered a floor.

BTC/USD – Daily Chart

As of writing, the 14-day RSI is nether its ain absorption constituent of 47, pursuing a failed interruption of the 43.61 support.

This level was the lowest the RSI has tracked since March 8, and has historically been a constituent astatine which bulls statesman to unit bears.

However, until we spot a existent breakout of the existent ceiling of 47, BTC volition apt proceed to consolidate betwixt $37,600 and $39,500.

Ethereum

The consolidation of ETH was adjacent much evident to commencement the week, arsenic prices marginally slipped beneath caller support.

ETH/USD deed an intraday debased of $2,503.89 during today’s session, arsenic bears momentarily broke past the $2,550 enactment level.

Although prices person since risen to a precocious of $2,604.03 today, the caller marketplace unit has seen ETH consolidate successful the signifier of little lows.

ETH/USD – Daily Chart

This flimsy descending inclination could beryllium a motion of either a carnivore trap, wherever prices springiness the sentiment of a falling marketplace anterior to a important rebound, oregon the opening of further drops successful price.

We volition apt proceed to spot this uncertainty extend, up until a immense displacement successful marketplace sentiment yet arises.

How agelong bash you expect this consolidation to continue? Leave your thoughts successful the comments below.

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