Key Findings: BTC Technical Analysis
- Bitcoin price moves below the 50-EMA ($29,317) following the overall bearish momentum.
- The RSI value declining near 42.23 indicates a downtrend despite the current price consolidation.
- Traders will closely watch how BTC/USD reacts to the support near $28,500.
Bitcoin Technical Analysis
Bitcoin (BTC) fell below the $29,000 mark on Saturday as traders digested the latest NFP report. Following a peak of $29,302 on Friday, BTC/USD fell to a low of $28,885.34 earlier in the day. This was the first time the world’s largest cryptocurrency had gone below $29,000 since Tuesday.
The drop on Saturday occurred when the RSI reached a long-term support level of 42.00. As bears strive to maintain the present downward momentum, the index is currently positioned just below this level. Although, the BTC has since consolidated and is currently trading above today’s low at $29,022.
Technically, the immediate support at $28,500 can be a key deciding zone for the Bitcoin price. A break below this level may set the price to test a further downside target near $27,000.
Key Findings: ETH Technical Analysis
- Ethereum price rejected the 50-EMA resistance and broke the 100-EMA support as the price continued with the current bearish rally.
- The relative strength index (RSI) at $42.53 signals a further bearish move.
- ETH may retest the support near $1,712.8 if the price fails to return above the $1,831.9 level.
Ethereum Technical Analysis
Despite an increase in adverse sentiment on Saturday, Ethereum held above the $1,800 mark. ETH/USD hit a low of $1,817.41 earlier today after reaching a high of $1,847 the day before. The dip brought ETH close to Tuesday’s low of $1,812, the cryptocurrency’s lowest point since June 21.
This latest decline occurred after the RSI fell below a crucial support level of 43.00. The relative strength index is now tracking at 41.57 at the time of writing. The bearish breakout of the immediate support at $1,838 indicates Ethereum price can initiate another bearish rally this week, targeting the long-term support near $1,712.
