Bitcoin consolidated on Friday as traders braced for the release of upcoming consumer sentiment numbers from the United States. After rallying to a five-month high on Thursday, prices were back below $23,000. Ethereum also slipped, trading below $1,600 in the process.
Bitcoin (BTC) slipped back below $23,000 on Friday as markets consolidated ahead of US consumer sentiment data.
BTC/USD slipped to a low of $22,654.59 earlier in today’s session, less than 24 hours after hitting a high of $23,215.00.
The decline came ahead of this afternoon’s US consumer sentiment report, which is expected to come in at 64.6.
BTC/USD daily chart
As can be seen from the chart, the Relative Strength Index (RSI) was also nearing a bottom of 78.00, leading to a slight shift in momentum.
The 10-day moving average (red) is still moving higher, but should the index move below 78.00 this trend is likely to reverse.
Currently the index is at 79.64 with BTC/USD trading at $22,965.60.
Ethereum (ETH) saw a slight reversal in sentiment, with prices dipping below $1,600 during today’s session.
After hitting a high of $1,619.45 on Thursday, ETH/USD fell to an intraday low of $1,565.25 earlier in the day.
Today’s move came as the world’s second largest cryptocurrency failed to break out of a resistance level of $1,640 on Wednesday.
ETH/USD daily chart
Since then, prices have moved to lower lows in consecutive sessions, with Ethereum’s RSI also dipping below a key support point.
The index is trading at 61.94, which is slightly below its recent bottom at 63.00 and weakest level since Jan 8th.
If this bearish trend continues into the weekend, there are strong chances of ETH bottoming out at $1,500.
Register your email address here to receive weekly price analysis updates in your inbox:
Will Today’s Data Send Cryptocurrencies Higher? Leave your thoughts in the comments below.
Eliman brings an eclectic viewpoint to market analysis. Previously he was Brokerage Director and Online Trading Instructor. He currently acts as a commentator for various asset classes including crypto, stocks and forex while also being a startup founder.
Photo credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer, or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
More Popular News
In case you missed it
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
Comments are closed.