Bitcoin, Ethereum Technical Analysis: BTC Unmoved by Better Than Expected US Retail Sales Data
Bitcoin mostly consolidated on Tuesday, as traders anticipated the release of July’s retail sales data from the United States. Sales rose by 0.7%, better than the 0.4% expected, and this comes following a 0.2% increase in June. Ethereum also remained unchanged prior to the data.
Bitcoin
Bitcoin (BTC) was trading in the red for the majority of the day, as price consolidated prior to the release of U.S. retail sales data.
After peaking at $29,660.25 to start the week, BTC/USD fell to a low of $29,272.35 earlier in today’s session.
Since moving above $30,000 on August 8, the world’s largest cryptocurrency has mostly trended sideways.
One reason for a lack of direction appears to be due to the relative strength index (RSI) tracking between a support and resistance of its own.
The index is currently at a reading of 47.57, and has mostly moved between a floor at 47.00, and ceiling at 49.00 in recent days.
For bulls, a breakout above the 49.00 zone will also likely be the straw needed to break the camel’s back.
Ethereum
Ethereum (ETH) has remained largely unchanged in the past few days, rising by 0.11% in the past week.
ETH/USD bottomed out at $1,837.21 so far during today’s session, which is almost $20.00 lower than Monday’s high.
Price has mostly consolidated around a support point of $1,830 in recent days, however the prospect of a moving average crossover is keeping bullish hopes alive.
The 10-day (red), and 25-day (blue) moving averages are on the cusp of an upwards crossover, which could likely send prices above $1,900.
Similar to BTC, there will first need to be a breakout above a ceiling on the RSI indicator for this to take place.
On this occasion the resistance point is at 47.00, and the index is currently tracking at 45.23.
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