Ali B, a senior technical analyst in CryptoNews, and Business2Community is expecting a rapid hike in BTC and ETH prices in his latest technical update following the release of US NFP data on Friday, November 4th.
- Before the US non-farm payrolls and unemployment rate, bitcoin prices were consolidating in a constrained trading range between $20,000 and $20,400. Similar to Bitcoin, the price of Ethereum is steady, swinging between gains and losses around $1,548 as traders wait for the big game to start putting their bets.
- In September, the labor force increased by 204 thousand to 158.9 million, while the unemployment rate decreased by 261,000 to 5.75 million. The proportion of those actively looking for work decreased from 62.4% to 62.3%.
- Bitcoin and Ethereum chart may print a bullish spike since market experts forecast the US unemployment rate will increase from 3.5% to 3.6% and the US economy will create fewer jobs (about 197K vs. 263K last month). “ A surge in BTC demand could cut through the $20,400 resistance level, opening the way to the $20,700 and $21,000 resistance levels,” he added.
See Related: $28,000 Is A Sensible Target for Bitcoin (BTC), Crypto Analyst Akash Girimath
