Bitcoin consolidated to start the weekend, as prices once again fell below $17,000. The move comes as traders continued to digest the latest U.S. non-farm payrolls report. Ethereum was also down slightly in today’s session, with the price falling below a key resistance point.
Bitcoin was in consolidation to start the weekend after the US Non-Farm Payrolls (NFP) report. Yesterday’s numbers showed that 263,000 jobs were added to the U.S. economy, which is better than the 200,000 expected by the markets.
This increase in employment has left the crypto-currency markets unsure of what the Federal Reserve will do at its next policy meeting.
Bitcoin slipped to a low of $16,877.88 after the news, which is below Friday’s high of $17,116.04. The 14-day relative strength index (RSI) also slipped, now sitting at 52.16, which is close to a low of 52.00.
Despite this, the 10-day moving average (red) has completely breached its 25-day counterpart (blue), which appears to be a signal of upcoming bullish momentum.
Ethereum was also in the red on Saturday, with the price of the world’s second-largest crypto-currency falling below a key resistance point. After hitting a high of $1,299.84 on Friday, Ethereum fell to a low of $1,275.09 earlier in today’s session.
The drop sees ethereum fall below its recent ceiling at the $1,285 level, despite a recent upward crossover of the 10-day (red) and 25-day (blue) moving averages.
Today’s decline was due to the RSI breaking below its long-term support point at 51.70. It is now at 51.42, at the time of writing. Traders still seem optimistic about a potential move above $1,300, however, the RSI will likely have to break above the 52.00 mark.
If this happens and the moving average rises, we could see a rise in the RSI. ETH is headed for a ceiling of $1,370.