Bitcoin, Ethereum Technical Analysis: BTC Gains Prior to NFP Report, Following a Cross of Moving Averages
Bitcoin was once again trading above $30,000, as markets were anticipating the release of May’s non-farm payrolls report. Whilst BTC was back in the green, ETH continued to trade lower, and as of writing is below $1,800. Bitcoin
Following a drop in price on Thursday, BTC was back in the green on Friday, as traders were preparing for the release of the non-farm payrolls report.
After adding 428,000 jobs in April, markets are expecting 325,000 jobs to be added to the U.S. economy in May.
The speculation on what this number will mean for the market has helped BTC today, with prices rising to an intraday peak of $30,633.03. BTC/USD – Daily Chart
This comes less than 24-hours after some expected prices to move back towards support of $28,800, following a rise in bearish sentiment.
However, this sentiment has somewhat eased, and today’s surge in price has helped lead the 10-day and 25-day moving averages to an upwards crossover.
Despite this, it will be interesting to see if bitcoin will climb to any further highs today, due to the fact that Friday’s peak sits right at a ceiling of $30,600.
Ethereum
Although BTC was back in the green on Friday, the same could not be said for ETH, which moved even lower in today’s session.
Following a move below $1,900 on Thursday, ETH/USD continued to slip, and fell to an intraday low of $1,789.66 earlier today.
This is around 1.3% lower than yesterday’s peak of $1,845.31, and comes as prices continued to move close to a new support point of $1,715. ETH/USD – Daily Chart
Unlike bitcoin which rose in today’s session, ETH has yet to see an upwards cross of its two moving averages, with still a fair distance between them.
Some now believe we might see a drop towards this floor $1,715, which was last hit on May 28, with bulls choosing to enter there, as the gap between the moving averages would have tightened.
As of writing, ETH is trading at $1,795, however as we get closer to the NFP release, we will likely see some more price swings. Tags in this story Analysis, Bitcoin, ETH
Do you expect ETH to hit its support point this weekend? Leave your thoughts in the comments below. Eliman Dambell
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Biggest Movers: WAVES up Over 120% in the Last Week, XLM Moves Towards 3-Week High MARKET UPDATES | 10 hours ago Biggest Movers: ATOM Falls Towards Multi-Week Low, as GRT Extends Recent Losses MARKET UPDATES | 1 day ago
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