Bitcoin was in its third consecutive session of price action on Friday, just hours before the much-anticipated release of the nonfarm payrolls (NFP). Many are expecting the employment numbers to come in below the expected total of 240,000 following the recent disappointing labor data. Ethereum was also mostly flat at the time of writing.
Bitcoin (BTC) consolidated for the third consecutive session on Friday, with the global cryptocurrency market size largely flat at the time of writing.
Following Thursday’s high of $28,178.30,BTC/USD declined modestly during today’s session to bottom at $27,765.34.
After last week’s 10-month high, the market has been mostly static, but the $30,000 target remains a short-term possibility.
From the charts, today’s action has the Relative Strength Index (RSI) hovering near a floor of 58.00
At the time of this writing, it is at 58.37 and the 10-day moving average (red) is on the brink of crossing the 25-day moving average (blue) to the downside.
If today’s NFP is better than expected and the USD strengthens, this crossover could occur and sendBTClower.
Ethereum (ETH) was mostly flat in today’s session, with the world’s second largest cryptocurrency hovering around $1,850.
ETH/USD is trading at $1,854.27 as of this writing after falling to a low of $1,846.82 earlier in the day.
This comes just two days after Ethereum rose to its strongest point since last August, crossing $1,900 in the process.
which faded as the ETHbulls were unable to prevent the RSI from moving below the 60.00 support point.
Price strength is currently hovering around 58.67 and a floor of 57.00 could be the target if momentum begins to decline.
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