Bitcoin, Ethereum Technical Analysis: BTC Drops Below $20,000 Ahead of US Nonfarm Payrolls Report

Bitcoin was trading below $20,000 on Friday, as markets prepared for the release of the latest U.S. nonfarm payrolls report. The token moved lower for the third consecutive session, as bearish sentiment returned to markets. Ethereum continued to consolidate ahead of this afternoon’s release.

Bitcoin

Bitcoin (BTC) was back below $20,000 on Friday, as traders continued to anticipate this afternoon’s nonfarm payrolls (NFP) report.

September’s payrolls are expected to come in at 250,000 jobs, with many believing that we could likely see the report come in better than expected.

BTC/USD fell to a low of $19,864.57 in today’s session, less than 24 hours after trading at a high of $20,294.39.

Ultimately price uncertainty has increased in recent days, as the U.S. dollar began to strengthen, after recent declines.

The 14-day relative strength index (RSI) is currently tracking marginally above a floor of 51.00, with the next resistance point at 55.80.

Should BTC move towards this point, we will likely see bitcoin not only back above $20,000, but potentially closer to $21,000.

Ethereum

Ethereum (ETH) was mostly consolidating in today’s session, as prices continued to trade below a ceiling of $1,380.

The world’s second largest cryptocurrency dropped to $1,349.45, which is slightly lower than yesterday’s peak of $1,375.77.

Overall, ETH/USD is still trading nearly 3% higher than at the same time last week, with the RSI tracking below a key hurdle.

As of writing, the index is hovering around 45.64, which is below resistance of 47.00, with ETH trading at $1,356.90.

Should we see the token break out at this point in the upcoming days, we could see ethereum finally hit $1,400.

The 10-day (red) moving average is also nearing its 25-day (blue) counterpart, which is another sign of a potential shift in momentum.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect today’s NFP report to come in over 250,000 jobs? Leave your thoughts in the comments below.

via Eliman Dambell