Bitcoin traded lower Saturday as cryptocurrency prices continued trading in the red after the U.S. Nonfarm Payrolls (NFP), report. For the fourth straight day, Bitcoin fell and moved closer to an important support level. Ethereum also fell, reaching a 5-day low.
Bitcoin
To start the weekend, bitcoin markets (BTC), which were still bearish as they digested the nonfarm payrolls report (NFP), remained bullish.
BTC/USD dropped to $19,395.79 intraday after the positive jobs report.
It was able to move close to $19,200 as a support point. As of today, the price is at its lowest level in six days.
The chart shows that the 14-day relative strengths index (RSI), has dropped and is now close to a floor at 45.70.
The 10-day (red), moving average is moving closer towards this bottom. However, it recently passed its 25 day (blue), counterpart. This usually indicates bullish momentum.
If BTC moves to $19,200 as its floor, then there will be an inflow of bulls who want to purchase this dip. Prices could rise accordingly.
Ethereum
Ethereum (ETH) also fell for its fourth consecutive night, as the token lost support at a crucial point.
The world’s second largest cryptocurrency dropped to a low of $1,321.75 on Saturday, a day after hitting a peak of $1,356.88.
As a result of today’s sell-off, ETH/USD dropped below its support of $1,330, and is currently trading at its lowest point since October 3.
The chart shows that the RSI has moved slightly above its floor of 42.00. As of this writing, the price is trading at $1328
There has been no crossover between moving averages unlike BTC. But, it seems that the trend lines are getting closer to this point.
Even with current market turmoil, bulls still seem to be aiming for a $1,400 breakout.
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This weekend could see the return of the ethereum bulls to active action. Comment below to share your views.
Image creditShutterstock. Pixabay. Wiki Commons
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