Bitcoin, Ethereum Technical Analysis: BTC Falls to 5-Month Low

The selloff successful cryptocurrencies continued to commencement the week, with bitcoin falling to its lowest level since July. Ethereum was besides trading successful the red, hitting multi-month lows successful the process. This comes arsenic the wide planetary marketplace headdress successful cryptos was down adjacent to 9% astatine the clip of writing.

Bitcoin

Bitcoin (BTC), which has been the main absorption of the caller diminution successful crypto prices, was trading 3% little connected Monday (at the clip of writing), and astir 20% down from its presumption astatine the aforesaid clip past week.

As of writing, BTC/USD deed an intraday debased of $33,184.06 during today’s session, which is its lowest level since July 23rd past year. Today’s determination comes arsenic prices broke beneath the caller enactment level of $40,135 past Thursday and extended passim the weekend.

Looking astatine the illustration below, BTC appears to person recovered a caller floor, reaching $34,200 connected a regular chart. Although prices person moved beyond this interim support, immoderate bulls reason that this could beryllium a mendacious breakout, pointing to the rally astatine the extremity of July arsenic grounds for a imaginable reversal astatine this terms range.

The RSI besides shows that terms spot is beneath 30 (currently tracking astatine 22), which typically signifies a marketplace being oversold. However, with the existent bullish momentum appearing to travel successful supra 30, we whitethorn beryllium successful for immoderate further consolidation today.

BTCUSD – Daily Chart

Ethereum

Ethereum (ETH) was down much than bitcoin to commencement the week, arsenic the world’s second-largest cryptocurrency was trading implicit 8% little during the session. ETH/USD fell to $2,172.30 connected Monday, its lowest level since July 27th.

Similar to BTC, the illustration beneath suggests that prices are oversold, however, the 10-day EMA besides shows that determination could beryllium yet much bearish momentum, with a descending triangle highlighting a imaginable continuation of the existent trend.

ETH/USD – Daily Chart

Ethereum bulls volition apt beryllium watching the 0.236% Fibonacci level arsenic a imaginable people for the adjacent important rally successful prices.

Should traders beryllium cautious of trying to drawback what appears to beryllium a falling knife? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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