The weekend's volatility continued into Monday's trading session as U.S. markets were closed for Independence Day celebrations, with Bitcoin continuing to hover below $20,000 and ETH still close to breaking below $1,000.
The currency
Bitcoin started the week in the red as the world's largest crypto token continues to hover below $20,000.
BTC/USD fell to an intraday low of $18,971.81 on Monday after a volatile weekend of trading activity.
As a result of this process, bitcoin continues to trade near a support of $18,800, with bears still targeting further lows.
As the chart shows, bitcoin is currently trading at a lower price of $17,700. If the downtrend continues, this could be the next target for prices.
However, there is an obvious hitch in this process, namely that the 14-day RSI is currently tracking its own support level.
This is bitcoin at 28.60, a support level that has held firm for the past two weeks. However, if this does not hold, more shorts are likely to enter the market.
The etheric fang
In addition to BTC, Ethereum also started the week in the red, with prices once again approaching support at $1,050.
Overall, ETH/USD has been in the current downtrend for the past ten sessions, with today's low hitting a bottom at $1,044.01.
Like BTC, the future of the world's second-largest cryptocurrency appears to have a lower low, with bears firmly convinced ethereum will fall below $1,000.
The target here could be as low as $885, which was last hit on June 18 after nine straight days of losses.
Despite the current low for ETH, the 10-day and 25-day moving averages are closest to their highs since the last rally on March 22.
So while we may see further lows, there is also the possibility of a rebound in prices once a solid bottom is finally found