Bitcoin, Ethereum Technical Analysis: BTC Consolidates on Saturday, Despite Recent Bullish Signals
Bitcoin started the weekend in the red, as markets continued to digest the latest nonfarm payrolls in the United States. Despite payrolls coming in better than expected, the unemployment rate also rose, hitting 3.7%, which is its highest point since last October.
Bitcoin (BTC) was mostly consolidating to start the weekend, as traders continued to digest the latest U.S. nonfarm payrolls data.
Payrolls rose to 339,000 last month, which was higher than the 190,000 markets were expecting.
Following a low of $26,898.00 on Friday, BTC/USD is trading at $27,149.78 at the time of writing.
For many, a recent upward crossover of the 10-day (red) and 25-day (blue) moving averages was a signal that bullish momentum was set to return.
However, yesterday’s economic data has added more questions than provided answers, as to what the Federal Reserve could do in its upcoming meeting.
A ceiling at $27,300 remains a key hurdle for bulls to overcome, and should this occur, the chances of a move to $28,000 will increase.
Ethereum (ETH) briefly broke out of the $1,900 level to start the weekend. However, it has since rebounded.
ETH/USD bounced to a peak of $1,910.28 on Saturday, after an earlier move which saw it land at a bottom at $1,878.61.
At the time of writing, ethereum is trading at $1,903.70, with prices 0.63% higher than the aforementioned low.
In order to increase this percentage, the relative strength index (RSI) will need to rise above a ceiling at 49.00.
The index is currently tracking at 48.08, with bears attempting to take it towards a support point at 47.00.
Should bulls reject this, the ETH 10-day (red) moving average will likely extend its own crossover, which could help spur another uptrend.
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Could markets remain volatile until the next Fed meeting? Leave your thoughts in the comments below.