Bitcoin consolidated Monday, after recovering recent losses over the weekend, setting the stage for a potential rally this coming week. Price traded close to a one-week high on Monday, marginally below a key resistance level. Ethereum also rebounded, and is now hovering near a support point of its own.
Bitcoin
After dropping to a three-month low last week, bitcoin (BTC) has since rebounded, trading close to a one-week high on Monday while seeing consolidation.
BTC/USD hit an intraday peak of $26,675.93 to start the week, which is its strongest point since June 11.
The move pushed price close to a key resistance level of $26,800, which is typically the last line of defense before heading to $27,000.
Bitcoin chart by TradingViewIn order to move beyond this point, a breakout will also need to occur on the relative strength index (RSI), in particular at a ceiling of 50.00.
At the time of writing, the index is tracking at 48.87, as traders begin to prepare for the potential of a break.
Should this occur, traders will likely be targeting the $27,300 level.
Ethereum
Ethereum (ETH) started the week above $1,700, less than a week after almost falling below the $1,600 mark.
Following a low of $1,721.28 on Sunday, ETH/USD hit an intraday high of $1,746.51 earlier today.
As a result of the move, the world’s second largest cryptocurrency remains close to a one-week high of its own at $1,769.
Ethereum chart by TradingViewFrom the chart, it appears that ethereum’s RSI is at a reading of 41.48, which is marginally below a ceiling of 42.00.
Should this point of resistance be broken, it is likely that bulls could make another run towards the $1,800 region.
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