Bitcoin was buying and selling above $17,000 on Monday, because the world’s largest cryptocurrency raced to a three-week excessive. At present’s transfer comes as costs rose for a second straight day, with momentum now firmly bullish. Ethereum was additionally within the inexperienced to start out the week, with the coin hovering close to the $1,300 mark.
Bitcoin (BTC) surged to a three-week excessive on Monday, as costs climbed for a second straight session.
Following a low of $16,940.90 on Sunday, BTC/USD moved to an intraday peak of $17,378.15 earlier in right this moment’s session.
This excessive is the strongest level that bitcoin has hit since November 11, when value was at a excessive of $17,645.
Wanting on the chart, right this moment’s surge comes because the 10-day (purple) transferring common prolonged its upwards cross of its 25-day (blue) counterpart.
Along with this, the 14-day relative power index (RSI) has additionally moved increased, and as of writing is monitoring at 50.40, above its ceiling of fifty.00.
Ought to this upwards momentum proceed, it’s probably that BTC bulls will probably be focusing on a ceiling of $17,700.
Along with bitcoin, ethereum (ETH) was additionally within the inexperienced to start out the week, as costs edged nearer to $1,300.
ETH/USD rose to a excessive of $1,302.24 earlier in right this moment’s session, lower than 24 hours after falling to a low of $1,253.16.
Because of this, the world’s second largest cryptocurrency has now marginally damaged out of a long-term resistance level of $1,300.
Just like the development on bitcoin’s chart, ethereum’s transferring common (MA) of 10 days (purple) continues its upwards ascent versus the 25-day MA.
The 14-day RSI has additionally climbed, with the index monitoring at 52.87, which is above a ceiling of 52.00.
As soon as bulls are lastly in a position to break this present wall, the following goal for merchants will probably be the $1,350 level.
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