Bitcoin, Ethereum Technical Analysis: BTC, ETH Decline as USD Strengthens Following Retail Sales Data
Bitcoin was in the red for a second consecutive session, as markets continued to digest the latest U.S. retail sales figures. Sales rose by more than expected in October, coming in at 1.3%, versus expectations of a 1% increase. The result fueled market belief that the U.S Federal Reserve will now pivot its policy. Ethereum dropped below $1,200 in today’s session. Bitcoin
Bitcoin (BTC) fell for a second straight day, as markets continued to react to the latest U.S. retail sales report.
Following the better than expected increase in consumer spending, BTC/USD slipped to a low of $16,430.11 earlier in today’s session.
The drop comes a day after the token was at a high of $16,726.44, but it now seems to be heading for a recent price floor. BTC/USD – Daily Chart
Looking at the chart, this support point appears to be at the $16,200 level, which has been the last line of defense prior to the token moving below $16,000 in recent days.
A positive for long-term bulls is that the 10-day (red) moving average looks as though it has somewhat exhausted its downward momentum, with a shift in sentiment potentially in the cards.
Should an upcoming floor of 34.00 on the relative strength index (RSI) hold firm, then we could see BTC bulls begin to buy this current dip. Ethereum
In addition to bitcoin, ethereum (ETH) also plunged in today’s session, with prices falling below $1,200.
The world’s second largest cryptocurrency has been down by roughly 2% on Thursday, falling to a low of $1,189.21 in the process.
This decline saw ETH/USD break out of its recent floor, with the next visible point of support at the $1,105 mark. ETH/USD – Daily Chart
Unlike BTC, it seems as though the moving averages on ETH could still be heading lower, which could prevent many bears from entering at this moment.
Currently, the RSI here is hovering near a floor of 38.00, and should this hold, we could see prices begin to rebound.
However, if a breakout does take place, it is likely we could see ethereum head below $1,100.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum
Will the Federal Reserve change its monetary policy in the next meeting? 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. Biggest Movers: XMR, LEO Move Towards 1-Week Highs on Thursday MARKET UPDATES | 7 hours ago Biggest Movers: BCH Climbs to 1-Week High, DOT Declines MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRussia and Cuba Eye Cryptocurrencies for Settlements Amid Sanctions Next articleNew FTX CEO Says Sam Bankman-Fried Does Not Speak on Firm’s Behalf, After SBF’s Candid Interview With Vox Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. 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. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher