Increasing uncertainty in the market ahead of the US non-farm payrolls report released on Friday bitcoin resulted in its price falling below $20,000. Its data, which will be released tomorrow, is expected to be 300,000, which is even lower than the 528,000 figure in July. All these developments affected the Ethereum price as well as BTC and resulted in the loss of the $ 1,600 level.
Bitcoin Technical Analysis
Ahead of the new data to be released tomorrow, traders went into a waiting mode and helped the price recover slightly below the $20,000 level again. After 528,000 additional jobs in the US economy in July, this figure is expected to be announced as 300,000.
Koinfinans.com As we reported, BTC/USD dropped to an intraday low of $19,862 ahead of the new report to be released, which represents a drop of over $500 from yesterday’s low of $20,930.
Looking at the chart, this decline came after the 14-day RSI dropped below the 37.90 resistance point and is currently watching at 37.00. The momentum of the 10-day (red) moving average also remains bearish and the trendline remains bearish.
If the jobs report to be announced tomorrow comes out worse than expected, it could fall to the last support level of Bitcoin, which is $ 19,500.
Ethereum Technical Analysis
Similar to Bitcoin, Ethereum (ETH) also dipped below $1,600 earlier in the day, heading lower. ETH/USD dropped to $1,536 on Thursday, following the $1,612 high on the bullish day, and dipped below the $1,550 level in the process.
Shortly after this breakout, the bulls opted for a reversal by buying on the dips, which pushed prices back above this support point.
Currently the RSI is at 46.69 and the bulls are still targeting the 50.00 resistance level. Based on the sentiment in the report due tomorrow, we could see the bullish pressure intensify and prices are close to $1,700, not just above $1,600.
However, there are still some bearish signs in the market that could trigger a price reversal, especially as it approaches the $1,625 ceiling.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.