BTC Consolidates to Start the Weekend – Market Updates Bitcoin News

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Bit­coin was con­sol­i­dat­ing to start the week­end, as prices once again fell below $17,000. The move comes as traders con­tin­ued to digest the lat­est U.S. non­farm pay­rolls report. Ethereum was also mar­gin­al­ly low­er in today’s ses­sion, with price drop­ping below a key resis­tance point.

Bitcoin

Bit­coin (BTC) was con­sol­i­dat­ing to start the week­end, fol­low­ing the U.S. non­farm pay­rolls (NFP) report.

Fig­ures yes­ter­day showed that 263,000 jobs were added to the Amer­i­can econ­o­my, bet­ter than the 200,000 mar­kets had expected.

This rise in jobs has left cryp­tocur­ren­cy mar­kets unsure on what the Fed­er­al Reserve will do in its next pol­i­cy meeting.

BTC/USD – Dai­ly Chart

BTC/USD slipped to a low of $16,877.88 fol­low­ing the news, which is low­er than Friday’s peak of $17,116.04.

The 14-day rel­a­tive strength index (RSI) has also slipped, now track­ing at 52.16, which is close to a floor of 52.00.

Despite this, the 10-day (red) mov­ing aver­age has now ful­ly crossed over its 25-day (blue) coun­ter­part, which appears to be a sig­nal of upcom­ing bull­ish momentum.

Ethereum

Ethereum (ETH) was also in the red on Sat­ur­day, as the price of the world’s sec­ond largest cryp­tocur­ren­cy fell below a key resis­tance point.

Fol­low­ing a high of $1,299.84 on Fri­day, ETH/USD fell to a low of $1,275.09 ear­li­er in today’s session.

This drop sees ethereum move below its recent ceil­ing at the $1,285 lev­el, despite a recent upwards crossover of the 10-day (red) and 25-day (blue) mov­ing averages.

ETH/USD – Dai­ly Chart

Look­ing at the chart, today’s drop came as the RSI fell below its long-term sup­port point at 51.70. It is now track­ing at 51.42, as of writing.

Traders still seem to be opti­mistic about a poten­tial move above $1,300, how­ev­er, the RSI will like­ly need to surge beyond the 52.00 mark.

Should this hap­pen, and the momen­tum of the mov­ing aver­age climb high­er, then we could see ETH move towards a ceil­ing of $1,370.

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Could we see ethereum hit $1,370 this week­end? Leave your thoughts in the com­ments below.

Eliman Dambell 

Eli­man brings an eclec­tic point of view to mar­ket analy­sis, he was pre­vi­ous­ly a bro­ker­age direc­tor and retail trad­ing edu­ca­tor. Cur­rent­ly, he acts as a com­men­ta­tor across var­i­ous asset class­es, includ­ing Cryp­to, Stocks and FX.




Image Cred­its: Shut­ter­stock, Pix­abay, Wiki Commons

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