Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate as Markets Prepare for Christmas Break
Bitcoin continued to consolidate to start the week, as market volatility remained in place ahead of the Christmas holidays. The world’s largest cryptocurrency remained below $17,000 on Monday, as price attempted to break out of a key resistance level. Ethereum was below $1,200 on Monday.
Bitcoin (BTC) started the week below $17,000, as prices continued to consolidate following a volatile weekend.
Following a low of $16,671.80 on Sunday, BTC/USD rose to a peak of $16,815.39 earlier in today’s session.
Monday’s move saw the world’s largest cryptocurrency rise above a key resistance level of $16,700.
Despite this, market sentiment remains volatile, with neither bulls nor bears taking charge of price movement so far today.
As can be seen from the chart, the uncertainty comes as the 14-day relative strength index (RSI) hovers below a resistance point at the 46.00 mark.
The index is currently tracking at 44.16, with a floor of 42.00 seemingly the target for bears. Prices will likely continue to consolidate up until the support or resistance is broken.
Ethereum (ETH) also consolidated during Monday’s session, with prices remaining below the $1,200 point.
ETH/USD hit an intraday high of $1,192.92 earlier in the day, however bulls were unable to push through the $1,200 mark.
Today’s move comes as prices found an interim floor at $1,170 over the weekend, with bulls using this as a point of entry.
Looking at the chart, this floor coincided with the RSI hitting one of its own at 39.00, with price strength moving to rebound.
As of writing, the index is tracking at 42.30, with a ceiling at 44.00 the next visible resistance level.
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Will ethereum move back above $1,200 before Christmas? Leave your thoughts in the comments below.