Bitcoin, Ethereum Technical Analysis: US Consumer Sentiment Data Leads BTC Below $24,000
Bitcoin (BTC) was once again seen trading below the $24000 value on Friday as the markets started anticipating the release of US consumer data. If we talk about it, bitcoin fell to a low of $23,693.92 earlier in today’s session, which shows us after hitting a peak of $24,177.57 in less than 24 hours, and today’s move comes when When bitcoin failed to sustain the recent break out of $24200 after a long period. Of course, when we look at the charts, we find that the 14-day Relative Strength Index has also experienced this breakout, with the index going down to 58.00. The index is currently tracking a reading of 55.97 with the next visible point of support in the 53.00 area. If the markets attempt to reach this level, there is definitely a possibility that bitcoin will trade below $23000.
If we talk about Ethereum, it also fell below its highs on Thursday as the rising volatility of the cryptocurrency definitely affected. After hitting a high of $1,666.13 during yesterday’s session, ETH/USD had slipped to a low of $1,632.57 on Friday. Certainly the long term momentum has taken Ethereum from its long term ceiling of $1675 to a floor closer to $1630. Since hitting this first high, the price has rallied, with Ethereum now trading at $1,648.37. It appears when price strength has found a floor at 54.00, and is currently hovering above this point. If we talk, at the time of writing the index is tracking at 54.35, with the 10-day (red) moving average in an uptrend, which could be a sign of an upcoming rally.
