as it continues to digest the latest U.S. retail sales. October sales were up 1.3%, better than expected, against expectations of 1%. The results bolstered market confidence that the US Federal Reserve (Fed) would change policy in the coming years. Ethereum has broken below $1,200 in today’s session.
Bitcoin
Bitcoin (BTC) He fell for the second day in a row. This was as the market continued to react to the latest US retail sales report.
Following a better-than-expected rise in consumer spending,BTC/USD fell to a low of $16,430.11 early in today’s session. The
drop came the day after the token hit its all-time high of $16,726.44, but appears to be headed towards the recent lower end.
chart, this support point appears to be at the $16,200 level. looks like It was the last line of defense before the token recently fell below $16,000.
The positive for the long-term bulls is that the 10-day (red) moving average has somewhat run out of downward momentum. It is what it looks like, and a shift in sentiment can show up on the cards.
If the upcoming floor of 34.00 in the Relative Strength Index (RSI) holds strong, theBTC bulls could start buying this current drop.
Ethereum
In addition to Bitcoin, Ethereum (ETH) also plummeted in today’s session, with prices fell below $1,200.
The world’s second-largest cryptocurrency fell about 2% on Thursday, dropping to $1,189.21 in the process.
This drop has seenETH/USD break above recent lows, with the next visible support point reaching the $1,105 mark.
BTC Unlike, the moving average isETH may still be falling, which could prevent many bears from entering at the moment.
Currently, the RSI is hovering around the 38.00 lower bound here, and if this holds, the price could start to rebound.
However, Ethereum could fall below $1,100 in the event of a breakout.
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