Bitcoin, Ethereum Technical Analysis: BTC Slightly Higher Ahead of This Week’s US Economic Data

Bitcoin, Ethereum Technical Analysis: BTC Slightly Higher, Ahead of This Week’s US Economic Data

Bitcoin started the week trading higher, as markets prepared for a big week of economic data in the United States. The headline announcement will be Friday’s nonfarm payrolls, in addition to services and manufacturing activity data. Ethereum continued to trade above a key support point on Monday.

Bitcoin

Bitcoin (BTC) was in the green to start the week, with the price trading at its highest point since last Friday.

Traders are optimistic heading into August, which has historically been a bullish month for the cryptocurrency.

BTC/USD hit an intraday high of $29,489.87, which comes following a low at $29,059.50 during Sunday’s session.

Bitcoin chart by TradingView

Bitcoin bulls rejected a breakout below the $29,000 mark, just as the relative strength index (RSI) closed in on a collision with a resistance level at 46.00.

This ceiling appears to be a major obstacle preventing price from moving towards its obvious target at the $30,000 mark.

At the time of writing, the RSI is tracking at 45.97 with bitcoin at $29,362.66.

Ethereum

Ethereum (ETH) remained above a key support level at $1,850 on Monday, as traders continued to target the $1,900 level.

Following a low of $1,851.73 on Sunday, ETH/USD jumped to a peak of $1,884.14 earlier in the day.

The world’s second largest cryptocurrency has now gone ten days since it last traded above the $1,900 mark.

Ethereum chart by TradingView

Like with BTC, in order for ETH to make further upward strides, it will first need to break out of a current ceiling on the RSI.

The index is currently tracking at 47.72, which is marginally below a key resistance level at the 48.00 mark.

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