Bitcoin consolidates over the weekend. It has broken below $17,000 again. The move comes as traders continue to digest the latest US nonfarm payrolls report. Ethereum also fell slightly during today’s session, with the price breaking below key resistance points.
Bitcoin
Bitcoin (BTC) opens weekend on US nonfarm payrolls (NFP) report was adjusted accordingly.
Yesterday’s figures showed 263,000 jobs added to the US economy, better than the 200,000 market expected.
This job increase has left the cryptocurrency market uncertain about what the Federal Reserve will do at its next policy meeting.
BTC/USD This is Friday’s peak It is lower than $17,116.04.
The 14-day Relative Strength Index (RSI) has also fallen and is now hovering at 52.16, which is close to the lower bound of 52.00.
Nevertheless, the 10-day (red) moving average was completely above the 25-day (blue) moving average. This seems to be a signal of bullish momentum ahead.
Ethereum
Ethereum (ETH) was also in the red on Saturday as the price of the world’s second largest cryptocurrency fell below a key resistance point.
Following Friday’s high of $1,299.84,ETH/USD fell to a low of $1,275.09 early in today’s session.
Ethereum has broken below the recent high of $1,285 despite the recent upward crossover of the 10-day (red) and 25-day (blue) moving averages.
Looking at the charts, today’s decline saw the RSI hit long-term levels. because it fell below 51.70 support points. At the time of writing it is currently tracking 51.42.
The trader seems still optimistic about his chances of breaking above $1,300, but the RSI will need him to surge above the 52.00 mark.
If this happens and the moving average gains momentum,ETH could move towards his $1,370 ceiling.
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