Although bitcoin had a good start to Thursday’s trading, it fell to $30,000 below the close on Thursday as crypto bears began to take action. Yesterday’s uncertain trading day has brought bearish momentum to markets. ETH is also down.
Bitcoin
After a positive start to June, BTC dropped below $30,000 the second day.
Bitcoin rose to almost three weeks highs earlier in the week but fell to $29,501.59 on Thursday.
It comes just 24 hours after BTC/USD reached a peak of $31,848.82. However, as we approach tomorrow’s NFP report, market uncertainty seems to have pushed prices lower.
Today’s move sees prices fall below the recent resistance level of $30,500, and they now look set to move towards a floor of $28,600.
The bulls have so far been resistant to any further falls, and the interim support of $29,500 acts as an interim support. However, if bearish pressure increases, this will most likely extend the decline.
An explanation for the temporary support could be the result of the RSI’s 14-day holding at 44 support.
Ethereum
ETH fell below $2,000 Wednesday after hitting new highs. However, this trend has continued as the week progresses.
The ETH/USD fell below $1,800 Thursday. It hit an intraday low at $1,776.05 during the course.
Similar to bitcoin and ETH, ETH prices have fallen below a ceiling. Support of $1715 is now a target for bears.
As can be seen from the chart, moving averages of 10-days and 25-days have moved closer in proximity, which despite today’s selloff is still a positive sign for bulls.
The reason is that we may see a significant price jump due to an increase in the probability of an upward crossing.
Here, the 14-day RSI also stands at a floor. If this holds, bullish expectations may be reaffirmed for a strong May.
Are crypto markets likely to rise if there is a stronger NFP report? Comment below to share your views.
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