BTC falls at a 5-month low-markets and prices

The sale of cryptocurrencies continued at the beginning of the week, with Bitcoin falling to the lowest level since July. Ethereum also acted in the minus and reached several months. This is because the global market capitalization for cryptos at the time of writing this article has dropped by almost 9 %.

Bitcoin

Bitcoin (btc) , which was the focus of the recent decline in crypto prices on Monday (at the time of the written This article) 3 % lower and almost 20 % lower than at the same time last week.

at the time of writing, bitcoin Intraday low of $ 33,184.06, which has been the lowest level since July 23 of last year. Today's movement comes when the prices last Thursday below the most recent level of $ 40,135 and expanded all weekend.

if you look at the diagram below, bitcoin seems to have found and reached a daily chart $ 34,200. Although prices have moved beyond this preliminary support, some bulls argue that this could be a wrong outbreak and refer to the Rally at the end of July as proof of a possible reversal in this price range.

The RSI also shows that the course strength is below 30 (currently at 22), which typically indicates an oversized market. However, since the really interest bully momentum seems to be over 30, we could adjust to further consolidation today.

ether

Ethereum (eth) was stronger in the beginning of the week as Bitcoin, since the second largest cryptoutrition of the world Session over 8 % lower was traded. eth /USD on Monday to $ 27th, the lowest stand since July 27th.

similar to bitcoin indicates that the prices are oversized However, 10-dayema also shows that there could be even more declining momentum, with a descending triangle showing a possible continuation of the current trend.

eth /usd - daily

Ethereum bulls will probably observe the Fibonacci level of 0.236 % as a potential goal for the next important price rally.

should dealers be careful to catch something that looks like a falling knife? Let us know your opinion on this topic in the comment area below.

Eliman Damell

Eliman brings a diversified view of the market analysis after working as a broker director, trainer in retail and market commentator in the areas of crypto, stocks and foreign exchange.

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