Technical Analysis of Bitcoin and Ethereum: BTC Approaching $40,000 Support on NFP Day

BTC was swiftly nearing its support level of $40,000 on Friday, after three consecutive sessions of falls, as markets awaited for February's nonfarm payrolls report. This occurred when ETH dropped as well, nearing its own bottom of $2,500 in the process.

Bitcoin BTC supporters have been hard to come by in recent days, as the world's largest cryptocurrency has been under increasing bearish pressure.

This pressure occurred as a result of Tuesday's ascent to the $45,000 resistance level, which prompted an influx of short sellers into the market.

BTC is presently trading at $40,845.52, with the 14-day RSI at 49.5, and is down over 6% on the day as of writing.

bitcoin today
BTC/USD – Daily Chart; Source: TradingView

Looking at the chart, BTC looks to be going for support at $40,056, while the RSI is heading for its own bottom of 47.

The 25-day mid-term moving average (blue) appears to have altered course as well, with momentum now turning downwards.

As of present, it appears that this negative pressure will surely push prices down. However, once there, market unpredictability might emerge.

Ethereum

ETH, like bitcoin, is down for the third day in a row, with the world's second-largest cryptocurrency down 7% as of writing.

ETH/USD achieved an intraday high of $2,891.03 earlier today, but the gains were short-lived, and ethereum is presently trading at $2,702.07.

This is somewhat better than today's low of $2,680.50, but many foresee additional price decreases as Friday's session progresses.

eth today
ETH/USD – Daily Chart; source: Traidngview

Bears, who have been solidly present since prices were trading at the $3,000 resistance mark, appear to be aiming for the $2,550 floor.

The 14-day RSI is presently at 44.8, indicating that price strength has gone into oversold territory. The 39 level, on the other hand, appears to be a viable option.

** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

Follow us on Google News

Recent Search