Connect with us

Bitcoin

Bitcoin, Ethereum Technical Analysis: BTC Gains Prior to NFP Report, Following a Cross of Moving Averages

Published

on

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.

As markets were anticipating the release of May’s non-farm payrolls report, Bitcoin was once again trading above $30,000. 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 of $1,715, which was the 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, but as we get closer to the NFP release, we will likely see some more price swings.

For more news updates, visit: https://cryptomartian.com/

source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Latest Market Prices

Bitcoin

Bitcoin

$19,267.70

BTC -0.31%

Ethereum

Ethereum

$1,074.94

ETH 0.30%

Tether

Tether

$1.00

USDT 0.01%

Solana

Solana

$33.22

SOL -2.03%

XRP

XRP

$0.32

XRP 1.14%

Polkadot

Polkadot

$6.86

DOT -0.36%

Dogecoin

Dogecoin

$0.07

DOGE -0.03%

USD Coin

USD Coin

$1.00

USDC -0.01%

Binance Coin

Binance Coin

$219.07

BNB 0.03%

Cardano

Cardano

$0.46

ADA -0.70%

Facebook