Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Consolidation Ahead of Nonfarm Payrolls
Bitcoin consolidated for a third consecutive session on Friday, hours before a much anticipated nonfarm payrolls (NFP) release. Many are expecting that payrolls will come in under the 240,000 expected sum, following recent disappointing labor data. Ethereum was also largely unchanged as of writing.
Bitcoin (BTC) consolidated for a third consecutive session on Friday, as the global cryptocurrency market cap remains largely unchanged at the time of writing.
Following a high of $28,178.30 on Thursday, BTC/USD fell marginally lower in today’s session, hitting a bottom of $27,765.34.
Markets have mostly been muted following last week’s ten-month high, however a target of $30,000 still remains a short-term possibility.
From the chart, today’s action comes as the relative strength index (RSI) continues to hover close to a floor at 58.00
As of writing, the index is tracking at 58.37, with the 10-day (red) moving average now on the brink of a downwards cross with its 25-day (blue) counterpart.
Should today’s NFP beat expectations, resulting in a stronger U.S. Dollar, we could see this crossover take place, sending BTC lower.
Ethereum (ETH) was largely unchanged in today’s session, as the world’s second largest cryptocurrency remained near $1,850.
ETH/USD is trading at $1,854.27 at the time of 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, climbing over $1,900 in the process.
The decline came as ETH bulls were unable to prevent the RSI from moving below a support point at 60.00.
Currently, price strength is tracking around 58.67, with a floor of 57.00 a potential target, should momentum begin to decline.
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Do you expect a strong nonfarm payrolls report today? Leave your thoughts in the comments below.