Bitcoin approached the $17,000 level to start the weekend as traders continued to react to the latest US nonfarm payrolls data. 200,000 more than the market had expected. Ethereum was also higher on Saturday, with prices approaching three-week highs.
Bitcoin
Bitcoin (BTC) approached the $17,000 level on Saturday as traders continued to react to the latest US nonfarm payrolls (NFP) numbers.
Last month’s NFP number came in at 223,000, which was 23,000 more than expected, and this in a month when the Federal Reserve raised rates less than the previous month.
BTC
As you can see from the chart, today’s rally occurred when the 10-day (red) moving average crossed over the 25-day (blue) and closed.
The 14-day Relative Strength Index (RSI) also rose and crossed above the important resistance point of 50.00
. Currently, the index is tracking at 52.24, with the next visible ceiling at the 55.00 mark, which is probably where the bulls are targeting.
Ethereum
43} in addition to BTCEthereum (ETH) also started the weekend higher, with prices slowly approaching $1300.
Following a low of $1,240.95,ETHalso rallied, with
ETH {50 /USD} running to $1,273.22, its highest price since December 17.
Today’s move is due to a recent upward crossing of moving averages, with the 10-day (red) trend line moving upward against the 25-day (blue) line.
Usually such moves indicate current and future bullish momentum, which could possibly tempt more bulls to re-enter the market.
The next target is definitely the aforementioned $1300 ceiling, which will likely be hit if the RSI exceeds the current ceiling of 59.00.
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