Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Declines on Saturday, as Markets React to Latest NFP Report
Bitcoin started the weekend trading below the $29,000 level, as markets continued to react to the latest U.S. nonfarm payrolls (NFP) report. 187,000 jobs were added to the economy in July, less than the 200,000 markets had expected. Ethereum neared a multi-week low.
Bitcoin
Bitcoin (BTC) dropped to below the $29,000 level on Saturday, as traders continued to digest the latest nonfarm payrolls report.
Following a high of $29,302.08 on Friday, BTC/USD slipped to a bottom of $28,885.34 earlier in today’s session.
This was the first time since Tuesday that the world’s largest cryptocurrency had fallen below $29,000.
Saturday’s decline came as the relative strength index (RSI) moved to a long-term support level at 42.00.
The index is currently tracking marginally below this point, as bears attempt to maintain the current downward momentum.
However, price has since consolidated, and as of writing is trading above today’s low, with a current price of $29,022.59.
Ethereum
Ethereum (ETH) remained above the $1,800 level, despite bearish sentiment intensifying on Saturday.
ETH/USD dropped to a bottom at $1,817.41 earlier in today’s session, following a peak of $1,847.91 the day prior.
The decline saw ethereum drop close to Tuesday’s low at $1,812, which was the weakest point the cryptocurrency had hit since June 21.
This latest downturn comes as price strength moved below a key support point at the 43.00 mark.
At the time of writing, the index is tracking at 41.57.
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Do you expect this weekend’s sentiment to remain bearish? Leave your thoughts in the comments below.
