Bitcoin continued to consolidate to start the week as market volatility remained in place ahead of the Christmas vacation. The world’s largest crypto-currency remained below $17,000 on Monday as the price attempted to break out of a key resistance level. Ethereum remained below $1,200 on Monday.
Bitcoin started the week below $17,000, as prices continued to consolidate after a volatile weekend. After a low of $16,671.80 on Sunday, BTC hit a high of $16,815.39 earlier in today’s session.
Monday’s move saw the world’s largest crypto-currency surpass a key resistance level of $16,700.
Despite this, the market mood remains volatile, with neither the bulls nor the bears taking charge of the price movement until today. As can be seen on the chart, the uncertainty comes from the fact that the 14-day Relative Strength Index (RSI) is below a point of resistance at the 46.00 mark.
The index is currently at 44.16, with a floor of 42.00 appearing to be the target for bears. Prices will likely continue to consolidate until support or resistance is broken.
Ethereum also consolidated during Monday’s session, with prices remaining below the $1,200 point. Ethereum hit an intraday high of $1,192.92 earlier in the day, but the bulls failed to break through the $1,200 mark.
Today’s move comes as prices found a temporary floor at $1,170 over the weekend, with bulls using it as an entry point.
Looking at the chart, this floor coincided with the RSI hitting one of its own at 39.00, with price strength heading for a bounce. As of this writing, the index is at 42.30, with a ceiling at 44.00 as the next visible resistance level.
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