As markets awaited the U.S. Nonfarm Payrolls Report, Bitcoin traded below $20,000 Friday. For the third session in succession, Bitcoin traded lower as markets returned to bearish sentiment. Ethereum continued to consolidate ahead of this afternoon’s release.
Bitcoin
Bitcoin (BTC) was back below $20,000 on Friday, as traders continued to anticipate this afternoon’s nonfarm payrolls (NFP) report.
September’s payrolls are expected to come in at 250,000 jobs, with many believing that we could likely see the report come in better than expected.
BTC/USD fell to a low of $19,864.57 in today’s session, less than 24 hours after trading at a high of $20,294.39.
In the end, price uncertainty increased as the U.S. Dollar began to strengthen after its recent falls.
The current 14-day relative strength indicator (RSI), is tracking slightly above a floor level of 51.00. With the next resistance at 55.80, it will be increasing.
If Bitcoin moves in this direction, bitcoin will most likely return to $20,000 but could even reach $21,000.
Ethereum
Ethereum (ETH) was mostly consolidating in today’s session, as prices continued to trade below a ceiling of $1,380.
The world’s second largest cryptocurrency dropped to $1,349.45, which is slightly lower than yesterday’s peak of $1,375.77.
Overall, ETH/USD traded almost 3% higher last week. However, the RSI track is just below a crucial hurdle.
The index hovers around 45.64 as of this writing. This is lower than the resistance level of 47.00. ETH trades at $1,356.90.
We could finally see $1,400 if the token is seen breaking out in the coming days.
Another sign that momentum may be shifting is the fact that the 10-day (red-colored) moving average is nearing its 25 day (blue), counterpart.
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Do you expect today’s NFP report to come in over 250,000 jobs? Comment below to share your views.
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