• Bitcoin (BTC) and Ethereum (ETH) prices continue to decline, with BTC trading near a three-week low and ETH nearing a one-month low.
• The global cryptocurrency market cap is currently trading 0.96% lower.
• Overall sentiment remains mostly bearish, with moving averages pointing downwards and the 14-day relative strength index (RSI) trending below 50.00
Bitcoin & Ethereum Technical Analysis
Bitcoin (BTC) continued its downward descent on Saturday, as prices remained near a three-week low. Following a high of $21,919.33 on Friday, BTC/USD bottomed out at a low of $21,539.39 earlier in the day. This move sees the world’s largest cryptocurrency continue to trade near its lowest point since January 20.
The 14-day relative strength index (RSI) moved away from a recent floor at 42.00 As of writing, the index is currently tracking at 46.35, with the next visible resistance level at the 50.00 mark. However, momentum appears to be mostly bearish as the 10-day (red) moving average (MA) approaches a downwards cross with its 25-day (blue).
Etheruem (ETH) fell deeper into bearish territory on Saturday, nearing a one-month low in the process. ETH/USD dropped to an intraday low of $1,504.83 to start the weekend after failing to stay above an interim floor at $1,550 before rebounding slightly higher as of writing ($1,523).
The 10-day MA has lost all previous upwards momentum while the RSI continues to track below support point of 47.00 hovering instead at a six week low of 4543%. If it fails to climb beyond this zone then prices could move lower again for Ethereum in coming days and weeks ahead..
Overall Market Sentiment
Overall sentiment remains mostly bearish across both Bitcoin and Ethereum markets as well as other altcoins which have seen their market caps decrease by 096%. Moving averages are pointing downwards furthering this bearish trend while most indices such as RSI are trending below 50 00 making it more likely that cryptocurrencies will remain in their current downtrend for some time yet..
Impact Of Recent Shift In Momentum
The recent shift in market momentum has had an effect on both Bitcoin and Etheruem markets pushing prices lower while also pushing moving averages down further indicating that this current downtrend may persist for some time yet Technicals such as RSI appear unable to break through key levels meaning that there is not much hope for these cryptos recovering until they can break through these levels convincingly..
It appears that overall sentiment across cryptomarkets remains mostly bearish despite some movements upwards over recent days With technicals such as RSI failing to break through key levels it is unlikely that we will see any major recoveries soon What is clear however is that if these cryptos cannot break through those key levels soon then we could be looking at even lower values come end of 2021