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Bitcoin, Ethereum Technical Analysis: BTC Consolidates Below $35,000 Ahead of US Consumer Confidence Report

BTC Consolidates Below $35,000, Ahead of US Consumer Confidence Report

Bitcoin continued to trade under the $35,000 level on Tuesday, as markets prepared for the upcoming U.S. consumer confidence report. It is expected that the confidence index will come in at a reading of 100 in October, down from 103 the month prior. Ethereum remains above $1,800.

Bitcoin

Bitcoin consolidated on Tuesday, as markets braced themselves for the upcoming consumer confidence report from the United States.

Following a high of $34,843.94 to start the week, BTC/USD slipped to an intraday low of $34,083.31 in today’s session.

This has resulted in the world’s largest cryptocurrency hovering below a key price point of $35,000.

Additionally, the relative strength index (RSI) tracked above a floor at 79.00, which is deep in bull territory.

Price strength is now sitting at 82.02, with the next visible point of resistance being at the 88.00 mark.

Overall, many see BTC as being overcooked, with a more long-lasting reversal potentially on the cards.

Ethereum

Ethereum (ETH) continued to hover around the $1,800 level, despite a slight stint below this point during today’s session.

ETH/USD fell to a low of $1,784.95 earlier in the day, which came following a peak at $1,829.25 on Monday.

Bulls have since bought this earlier dip, pushing ethereum to a current reading around the $1,813.25 region.

From the chart, it appears that the rally came as the RSI bounced from 68.00. It is now tracking at 71.65.

A ceiling at 75.00 now awaits traders, and should strength move beyond this, ETH will likely move closer to $1,900.

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How will today’s report impact crypto markets? Leave your thoughts in the comments below.



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