Bitcoin, Ethereum Technical Analysis: ETH, BTC Lower, US Retail Sales Slow
Bitcoin (BTC) saw us move below the $21,000 mark on Thursday as the price was once again recorded in a bearish position and the crypto market fell following slowing US retail sales data. The decline certainly saw bitcoin hit a low of $20,541.54 in today’s session, fresh from a four-month high of $21,564.50. Certainly after this sell off bitcoin is now looking for its support point with $20500 mark as a possible candidate and looking at the charts we can understand that the 14 day relative strength index has moved up by 2 in recent days. Some downside was expected after tracking year’s highs. At the time of writing, the index is present at a level of 78.40, which is slightly above a floor of 77.00 mark. If there is another move down from this point, it definitely indicates the possibility of pushing bitcoin price towards $20000.
Ethereum that moved above $16000 on Wednesday was in the red in today’s session, falling further to its fifth day low. After hump-day highs of $1,602.11, ETH/USD dropped to a low of $1,509.42 earlier today. After this move we can see that Ethereum fell to its lowest point since Saturday while the price reached a low of $1449. From the charts, the price power of ETH had also hit a support spot with the Relative Strength Index currently hovering near a floor at 70.00. Now the question comes, should this trend continue to the downside and the next signal will be the 10-day (red) moving average, which is still up and if so, Ethereum sellers will mark a mark of $1350. You can make your target around .
