Bitcoin, Ethereum Technical Analysis: BTC Consolidates to Start Weekend, ETH Remains Below $1,900
Bitcoin was hovering near the $30,000 level to start the weekend, as markets continued to digest the latest U.S. nonfarm payrolls report. Payrolls came in at 209,000, less than the 225,000 expected, putting slight doubt in a potential July rate hike. Ethereum continued to trade below $1,900 on Saturday.
Bitcoin
Bitcoin (BTC) started the weekend consolidating around the $30,000 level, following the latest U.S. nonfarm payrolls report.
BTC/USD dropped to an intraday low of $30,094.87, a day after trading at a one-year high above $31,000.
The price has marginally increased following today’s earlier row, and is now trading at $30,240.85.
Overall, it appears that a failed breakout of a ceiling at 58.00 on the relative strength index (RSI) was the catalyst of this drop.
Price strength is now tracking at the 57.63 level, with a support point at 55.00 a possible target for traders.
Should it reach this point, it is highly likely that BTC will move below $30,000.
Ethereum
Ethereum (ETH) also started the weekend consolidating, with the cryptocurrency once again moving below $1,900.
Since hitting a peak at $1,957 on Thursday, ETH/USD has failed to trade above $1,900, with today’s drop taking price to a low of $1,854.92.
After reaching a two-month high on June 3, ethereum has struggled, with price falling lower in consecutive sessions.
These declines have pushed price strength to a floor at 47.00, however this support point has so far been stable, helping to stop the prior bleeding.
The index is now tracking at a reading of 49.59, with an upcoming resistance level of 51.00 the next test for traders.
In the event they pass this test, the next destination for price will likely be back above $1,900.
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Do you still expect ethereum to hit $2,000 in July? Leave your thoughts in the comments below.
