Bitcoin, Ethereum Technical Analysis: BTC Unmoved by Better Than Expected US 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 (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.
