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Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound Ahead of US Consumer Confidence Data

Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound Ahead of US Consumer Confidence Data

Bitcoin rebounded from a multi-week low on Tuesday, as markets awaited the latest consumer confidence report in the United States. The latest figures from the Conference Board are expected to show a slight decline, with a reading of 105.9 in September. This will be down from 106.1 the month prior.

Bitcoin

Bitcoin was back in the green on Tuesday, as its price rebounded from a multi-week low during yesterday’s session.

BTC/USD peaked at $26,421.51 earlier today, which comes following a low of $26,011.47 the day prior.

Monday’s low saw the world’s largest cryptocurrency trade at its weakest point since September 13, after dropping below $25,800.

From the chart, it appears that the rebound in price came as a result of the relative strength index (RSI), finding a floor of its own at 45.00.

As of writing this, price strength is now tracking at 45.84, with the next visible point of resistance at the 55.00 mark.

Should bulls reach the 55.00 level, there is a strong possibility that BTC will move close to the $27,000 zone.

Ethereum

Ethereum (ETH) also rose higher on Tuesday, after dropping to a key point of support to start the week.

Following a low of $1,565.03 on Monday, ethereum rallied to an intraday high at $1,598.10 less than 24 hours later.

Not only did ETH bulls reject a breakout below a floor at $1,565, but also used this as a point of reentry, buying the dip in price.

Similar to bitcoin above, the surge came as a floor of the RSI also held firm, acting as a springboard for traders.

ETH continues to hover below the $1,600 level, however, this could change following this afternoon’s consumer confidence report.

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Do you expect ethereum to rally after the consumer confidence data? Leave your thoughts in the comments below.



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