Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Ahead of US Consumer Sentiment Data
Bitcoin (BTC) fell below $23000 on Friday as markets appeared to consolidate ahead of US consumer data being published so-so and earlier in today’s session bitcoin/USD hit a low of $22,654.59. slipped to a high of $23,215.00 in less than 24 hours and of course the decline came ahead of this afternoon’s US consumer sentiment report which is expected to come out today at a reading of 64.6 We can expect and as the chart is showing that the Relative Strength Index also moved closer to the floor of 78.00 registering a minor change in momentum.
The 10-day (red) moving average continues to move in an upward direction or continue to act in an upward direction, although the trend could certainly reverse if the index breaks below 78.00. Currently we can see that this index is tracking at 79.64 and bitcoin/usd is trading at $22,965.60 and we can predict that once the price breaks below $1600 during today’s session Definitely a decline or a slight change in Ethereum has also been felt.
After hitting a high of $1,619.45 on Thursday, ETH/USD fell to a low of $1,565.25 earlier in the day, implying that it was bearish, and today’s move comes as the world’s second-largest cryptocurrency recovered from its low of $1,640 on Wednesday. It was unable to break out of the resistance level and at this point Ethereum’s Relative Strength Index has also moved lower in two consecutive back sessions after breaking below a key point of support. The index is tracking at 61.94, which is marginally below its recent floor of 63.00 and is its weakest level or the weakest point we are seeing since Jan 8th. The question now is should this trend continue into the weekend, there is a strong possibility that ETH will reach the $1,500 level.