Fun

Bitcoin, Ethereum Technical Analysis: BTC Drops Below $20K Ahead of Friday’s NFP Report

News Feed - 2022-09-01 10:09:59

Bitcoin, Ethereum Technical Analysis: BTC Drops Below $20K Ahead of Friday’s NFP Report


Bitcoin once again slipped below $20,000, as market uncertainty rose ahead of Friday’s Non-farm payrolls report. Tomorrow’s payrolls are expected to come in at 300,000 jobs, which is lower than July’s 528,000 figure. Ethereum also declined, as the price moved away from the $1,600 region. Bitcoin


Bitcoin (BTC) briefly fell below $20,000 on Thursday, as crypto traders began to anticipate tomorrow’s non-farm payrolls report.


Following an additional 528,000 jobs in the U.S. economy in July, last month’s figure is expected to show an increase of 300,000.


Ahead of the report BTC/USD slipped to an intraday low of $19,862.02, which is over $500 lower than yesterday’s peak at $20,390.28. BTC/USD – Daily Chart


Looking at the chart, the drop comes as the 14-day relative strength index (RSI) fell below its resistance point of 37.90, and is now tracking at 37.00.


The momentum of the 10-day (red) moving average also continues to be bearish, with the trend line maintaining its downward trajectory.


Should tomorrow’s payrolls report disappoint, then we could see bitcoin fall towards its recent support level at $19,500. Ethereum


Like bitcoin, ethereum (ETH) was also lower in today’s session, as the token fell below $1,600 earlier in the day.


Following a high of $1,612.36 on hump day, ETH/USD dropped to a low of $1,536.55 on Thursday, falling below its floor of $1.550 in the process.


Shortly after this breakout, bulls opted to return, buying the dip, which has in turn pushed prices back above this support point. ETH/USD – Daily Chart


As of writing, ethereum is now tracking at $1,577.39, with the RSI currently at 46.69, with bulls still targeting a resistance level of 50.00.


Depending on the sentiment of tomorrow’s jobs report, we could see bullish pressure intensify, sending prices above not only $1,600, but close to $1,700.


However, there are still some signs of bears in the market, which could trigger a price reversal, especially the closer we get to the ceiling of $1,625.


Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, Crypto, Crypto markets, Cryptocurrency, ETH, Ethereum


Do you expect a strong non-farm payrolls report on Friday? 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: SOL Slips Towards Multi-Month Low, as LTC Surges on Thursday MARKET UPDATES | 6 hours ago Biggest Movers: LEO Hits 6-Week High, as NEAR Jumps Higher for Third Straight Session MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUkrainian Police Bust Crypto Call Centers Defrauding Investors Across Europe Next articleGeorgia to Update Crypto Regulations to Incorporate EU Rules, Legalize Industry Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms

News Feed

The Advantages of Joining the Mining City Community
The Advantages of Joining the Mining City Community This article explains the characteristics of the network marketing community based on Mining City and answers
Real-Time Blockchain-to-Everything Platform PARSIQ (PRQ) Now Listed on OKEx
Real-Time Blockchain-to-Everything Platform PARSIQ (PRQ) Now Listed on OKEx PRESS RELEASE. PARSIQ, a blockchain monitoring and workflow automation platform conne
Coinbase finds flawed analysis in SEC's proposed exchange definition
Derek Andersen2 hours agoCoinbase finds flawed analysis in SEC"s proposed exchange definitionIn its third letter to the SEC, the crypto exchange said it would withdraw the proposal, which was first released in 2022, and
Bitcoin Mining Roundup: BTC Regains 100 Exahash, Miners Close Shop, Pre-Halving Shake-Up
Bitcoin Mining Roundup: BTC Regains 100 Exahash, Miners Close Shop, Pre-Halving Shake-Up In 44 days, BTC miners will face the third reward halving as the block subsidy will soon
Bitcoin short-term holders ‘over-reaction’ a factor in BTC’s drop below $50K — Glassnode
Nancy Lubale4 hours agoBitcoin short-term holders ‘over-reaction’ a factor in BTC’s drop below $50K — GlassnodeGlassnode says short-term holders have “carried the brunt” of losses from Bitcoin’s recent drop
Venezuela To Start Using Cryptocurrency in Global Trade in Efforts To Fend off U.S. Sanctions
Venezuela To Start Using Cryptocurrency in Global Trade in Efforts To Fend off U.S. SanctionsVenezuela president Nicolas Maduro says the country is to start using cryptocurrency in
Cross-border BTC payments a top priority for Marathon Digital — Bitcoin 2024
Alex O’Donnell4 hours agoCross-border BTC payments a top priority for Marathon Digital — Bitcoin 2024The Bitcoin miner is seeking partners to build BTC payment apps, a company executive said.764 Total views2 Total sh
Crypto FOMO Will Be Huge Investment Driver, Regulatory Clarity Expected in 2022, Says Blockfi Executive
Crypto FOMO Will Be Huge Investment Driver, Regulatory Clarity Expected in 2022, Says Blockfi Executive An executive with Blockfi says that “this year has been a huge year f
Ethereum Daily Gas Usage Hits New Highs – Real Demand Powers ETH Growth
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Eyes First Test of $7.2K Price Support Since April
View A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000. A corrective bounce abov
Kraken-CertiK saga turns murky as part of exploited funds go ‘missing’
Prashant Jha5 hours agoKraken-CertiK saga turns murky as part of exploited funds go ‘missing’Kraken is planning to take legal action against security firm CertiK as the “white hat” operation by the security firm
BlackRock has ‘no commercial relationship’ with Hedera, HBAR sinks 32%
Brayden Lindrea6 hours agoBlackRock has ‘no commercial relationship’ with Hedera, HBAR sinks 32%A BlackRock spokesperson confirmed the firm wasn’t directly involved in Archax and Ownera’s decision to tokenize sha