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Bitcoin, Ethereum Technical Analysis: BTC Moves Below $30,000, Following Latest US Retail Sales Report

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.

Bitcoin chart by TradingView

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.

Ethereum chart by TradingView

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.



from Bitcoin News https://ift.tt/axBt4zc

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