Bitcoin traded cheaply on Saturday as the cryptocurrency price continued to trade in the red following the latest US nonfarm payrolls (NFP) report. The token fell for a fourth straight day, approaching a key support point in the process. Ethereum was also in the red, hitting a five-day low in the process.
Bitcoin
Over the weekend, the Bitcoin (BTC) market continued to digest the latest nonfarm payrolls (NFP) report, and bearish sentiment continued.
Following the better-than-expected jobs report,BTC/USD fell to an intraday low of $19,395.79 later in the day.
The move brought the token closer to a key support point of $19,200, and at the time of writing, it is trading near its six-day low.
The chart shows that the 14-day Relative Strength Index (RSI) has also declined and is also close to the bottom at 45.70.
Despite approaching this bottom, the 10-day (red) moving average has recently crossed the 25-day (blue), which is usually a sign of bullish momentum.
AsBTCmoves to the $19,200 bottom, there will likely be a rush of bulls looking to buy this dip, which will likely result in higher prices.
Ethereum
Ethereum (ETH) also fell for a fourth straight day, with the token breaking out of a key support point in the process.
The world’s second-largest cryptocurrency fell to a low of $1,321.75 on Saturday, a day after hitting a peak of $1,356.88.
As a result of today’s sell-off,ETH /USD fell below support at $1,330 and is currently trading at its lowest level since October 3.
From the chart, RSI now appears to be slightly above its own lower limit of 42.00 and is trading at $1,328 at the time of writing.
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No moving average crossover is seen, but the trend line seems to be getting closer here.
Overall, despite the current market turbulence, bulls still seem to be targeting a breakout at the $1,400 level.
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Image credits: Shutterstock, Pixabay, Wiki Commons
