Bitcoin, Ethereum Technical Analysis: BTC Downside from Recent Highs, Ahead of US Non-Farm Payrolls
Bitcoin (BTC) turns lower on Friday as the market sees volatility ahead of the latest US non farm parole report and after hitting a high of $24,091.54 on Thursday if we look, BTC/USD earlier today We see a move to a low of $23,390.38. The decline was recorded on Friday as bitcoin bulls were unable to sustain a breakout of the key resistance level of $24000. If we look at the reason behind this, there was the 14 day Relative Strength Index which also failed to move out of the recent high of 74.00. If we look at the indices at the time of writing, we find that it is tracking at 69.48, which is slightly above the support level of 68.00 mark. If it fails to clear the locks during today’s session, there is a strong possibility that BTC will slide below $23,000.
Ethereum (ETH) just recovered from recent gains-:
There was a retracement as the price touched a 5-month high and reached a peak of $1,704.46 on Thursday, its highest point since Sept. 13. This minor NFP is coming in bullish and there has been a minor change in market momentum and Ethereum fell to a low of $1,634.22 earlier in the day. Looking at the chart, we see that the Relative Strength Index is below the 63.00 mark. What appears to be an interim point of resistance. At the time of writing, we understand that the index is tracking at 62.92. This is usually a sign of uncertainty in which neither the market nor the bulls have been able to capture any momentum. Many expect this consolidation to end after the release of the NFP later today.