Ethereum rose above $1,700 and bitcoin snapped a seven-day losing streak on Friday as prices rebounded in today’s session. The move comes ahead of this afternoon’s payroll report, which is expected to show that 250,000 jobs were added to the U.S. economy in July.
Bitcoin
Ahead of the nonfarm payrolls report, Bitcoin (BTC) returned to the green on Friday as the token rebounded following its recent decline.
After hitting a low of $22,485.70 in Thursday’s session,BTCrallied; BTC/USD rose to a peak of $23,354.13 earlier in the day.
The move came as bitcoin bulls helped prices bounce off a key support point of $22,600 after an earlier false breakout.
Despite today’s surge,BTCis down 2.30% over the past 7 days when prices moved lower in a row.
This has caused the 14-day RSI (Relative Strength Index) to drop below its support point of 53 to a low of 50.95, which is also a provisional floor.
At the time of this writing, price strength has surpassed this point and is currently at 56.80, with a ceiling of 61 ahead.
Ethereum
Ethereum (ETH) also rebounded on Friday, with prices rising above $1700, wiping out the decline from the previous two trading days in the process.
As of this writing, the world’s second-largest cryptocurrency has moved to a peak of $1708.98 in today’s session as bulls have re-entered the market.
This move comes less than 24 hours afterETHwas trading at a low of $1,585.33 following recent downward pressure.
ETHseems to have dealt with this pressure so far and momentum is now shifting following today’s bullish engulfing pattern.
If this trend continues, the next target for the bulls will likely be a resistance level near $1,800, which was last hit on July 28.
This would require price strength to rise to the 66 ceiling. At the time of this writing, the RSI is at 63.85.
You can sign up for email here to have weekly price analysis updates sent to your inbox.
Image credits: Shutterstock, Pixabay, Wiki Commons