Bitcoin, Ethereum Technical Analysis: ETH, BTC Lower, US Retail Sales Slow – Market Updates Bitcoin News

Bitcoin.com

Ethereum fell lower on Thursday, as cryptocurrency markets continued to react to the latest U.S. retail sales figures. Sales in the United States fell by more than expected, coming in 1.1% lower in December. Bitcoin also declined in today’s session, with prices falling below the $21,000 mark.

Bitcoin

Bitcoin (BTC) dropped below the $21,000 mark on Thursday, as crypto markets fell following slowing U.S. retail sales figures.

The decline saw BTC/USD hit an intraday low of $20,541.54 earlier in today’s session, fresh from a four-month high of $21,564.50.

How To Get Free Crypto  

Since the sell-off, BTC now seems to be in search of a support point, with the $20,500 mark a likely candidate.

BTC/USD – Daily Chart

Looking at the chart, a drop was somewhat expected with the 14-day relative strength index (RSI) tracking near a two-year high in recent days.

As of writing, the index is at the 78.40 level, which is marginally above a floor at the 77.00 mark.

Should a move below this point take place, it is likely that BTC bears could push prices towards the $20,000 zone.

Coinbase Banner  

Ethereum

Ethereum (ETH), which rose above $1,600 on Wednesday, was also in the red in today’s session, falling towards a five-day low.

Following a high of $1,602.11 on hump-day, ETH/USD dropped to a bottom of $1,509.42 earlier today.

As a result of the move, ETH fell to its lowest point since Saturday, when prices hit a floor of $1,449.

ETH/USD – Daily Chart

From the chart, ETH’s price strength has also hit a support level, with the RSI currently hovering close to a floor at 70.00.

Should momentum continue to trend downwards, the next signal will be that of the 10-day (red) moving average, which for now remains upward facing.

FreeBitcoin Banner  

Providing this occurs, ethereum sellers will likely be targeting a move near the $1,350 mark.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story

Could we see ethereum and bitcoin extend declines in the coming days? 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 online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Read disclaimer

Go to Source
Author: Eliman Dambell


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.