Bitcoin, Ethereum Technical Analysis: BTC Briefly Above $17,000 Ahead of US Consumer Confidence Report
Bitcoin was briefly trading above $17,000 on Wednesday, as markets prepared for the release of the upcoming U.S. consumer confidence report. Today’s figure is expected to come in at a reading of 101.00 for December, which is higher than last month’s number of 100.2. Ethereum was also in the green, as it neared a key resistance level. Bitcoin
Bitcoin (BTC) rose briefly above the $17,000 level on Wednesday, as markets began to anticipate the release of the upcoming U.S. consumer confidence report.
Following a low of $16,763.66 on Tuesday, BTC/USD raced to an intraday high of $17,012.98 earlier in today’s session.
Today’s surge comes as prices once again rose above a key resistance level at the $16,800 level. BTC/USD – Daily Chart
Looking at the chart, BTC has moved away from earlier highs, with the coin currently trading at the $16,868.40 mark.
This comes despite the 14-day relative strength index (RSI) failing to break out of a recent ceiling at 49.00.
As of writing, the index is tracking at the 47.03 level, and seems to be heading for a floor at 46.00.
Ethereum
Ethereum (ETH) continued to trade above $1,200 on Wednesday, with bulls pushing prices closer to a key resistance level.
ETH/USD hit a peak of $1,224.09 earlier in today’s session, which comes less than 24 hours after hitting a bottom of $1,206.44.
Despite prices nearing a ceiling at the $1,230 mark earlier in the day, bearish sentiment has increased at this level, leading to previous bulls retreating. ETH/USD – Daily Chart
As of writing, the world’s second largest cryptocurrency is trading at $1,214.44, which comes following a recent crossover of moving averages.
Looking at the chart, a downward cross between the 10-day (red) and 25-day (blue) moving averages has occurred, which typically is a sign of pending declines.
Should this momentum intensify in the coming days, ETH could likely move back towards a floor of $1,160.
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Will today’s consumer confidence report send crypto prices higher? Leave your thoughts in the comments below. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Biggest Movers: ETC Moves Away From Multi-Month Lows, as XMR Extends Recent Gains MARKET UPDATES | 7 hours ago Biggest Movers: LTC Snaps Extended Bear Run, as LINK Hits 4-Day High MARKET UPDATES | 1 day ago
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