Bitcoin, Ethereum Technical Analysis: BTC Falls From Recent High, Ahead of US Non-Farm Payrolls
Bitcoin retreated from a six month high on Feb. 3, as bears reentered the market ahead of today’s U.S. non-farm payrolls (NFP) report. Following a move above the $24,000 level on Thursday, sentiment shifted, as traders prepared for the pivotal report, which is expected to come in at 185,000. Ethereum was also in the red, giving up a five month peak in the process.
Bitcoin (BTC) fell lower on Friday, as market volatility rose ahead of the latest U.S. non-farm payrolls (NFP) report.
Following a high of $24,091.54 on Thursday, BTC/USD dropped to an intraday low of $23,390.38 earlier today.
Friday’s fall comes as BTC bulls were unable to sustain a breakout of a key resistance level at $24,000.
One of the reasons behind this was the 14-day relative strength index (RSI), which also failed to break out of a recent ceiling at 74.00
As of writing this, the index is now tracking at 69.48, which is slightly above support level at the 68.00 mark.
Should this floor fail to hold during today’s session, then there is a strong chance that BTC will move below $23,000.
In addition to BTC, ethereum (ETH) also retreated from recent gains, with prices giving up a five month high.
ETH/USD surged to a peak of $1,704.46 on Thursday, which was its highest point since September 13.
However, with the NFP fast approaching, market momentum has marginally moved, with ETH falling to a low of $1,634.22 earlier in the day.
Looking at the chart, the sell off also coincided with the RSI hovering below the 63.00 mark, which appears to be an interim point of resistance.
As of writing this, the index is tracking at 62.92, with a doji candlestick the current print on today’s chart.
This typically signals indecision, and uncertainty, with neither bears nor bulls able to capture market sentiment.
Many expect an end to this consolidation following the release of the NFP later today.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect non-farm payrolls to come in above or below 185,000 jobs? Leave your thoughts in the comments below.