Bitcoin, Ethereum Technical Analysis: BTC Moves Below $30,000, Following Latest US Retail Sales Report
Bitcoin slipped below the $30,000 mark on Wednesday, as markets continued to react to the latest U.S. retail sales report. Sales rose by 0.2% last month, which is more than the 0.5% sum many had forecasted. Ethereum has remained resilient, climbing back above $1,900.
Bitcoin
Bitcoin (BTC) slipped below $30,000 on Wednesday, following the latest retail sales data from the United States.
After climbing to a peak of $30,184.18 on Tuesday, BTC/USD dropped to an intraday low of $29,556.43 earlier today.
The decline came in the midst of a five-day win-less run, which occurred soon after last week’s move close to $32,000.
Bulls have since started to fight back, with bitcoin now back above $30,000, helped by the relative strength index (RSI).
The index found a support point at the 50.00 mark, and has so far resisted a breakout of this level.
One area of concern for bulls is a recent downward crossover between the 10-day (red) and 25-day (blue) moving averages, which could result in a future sell-off.
Ethereum
Ethereum (ETH) was marginally lower on hump-day, as price briefly broke out of the $1,900 level.
ETH/USD dropped to a bottom at $1,878.72 earlier in the day, but has gone on to record a high of $1,918.12.
Similar to bitcoin, ethereum has been trending lower for five straight days, prior to Wednesday’s rebound.
From the chart, it appears that the RSI is heading towards a ceiling of 55.00, following today’s bounce back, which could be enough to take ETH to a key price point of its own.
The target appears to be the $1,930 mark, which was last hit during the weekend’s trading session.
In the event this ceiling is broken, there is a good chance that ethereum could make another run towards $2,000.
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Could ethereum hit $2,000 this week? Leave your thoughts in the comments below.
