Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound Ahead of US Consumer Confidence Data

1 year ago
 BTC, ETH Rebound Ahead of US Consumer Confidence Data

Bitcoin rebounded from a multi-week debased connected Tuesday, arsenic markets awaited the latest user assurance study successful the United States. The latest figures from the Conference Board are expected to amusement a flimsy decline, with a speechmaking of 105.9 successful September. This volition beryllium down from 106.1 the period prior.

Bitcoin

Bitcoin was backmost successful the greenish connected Tuesday, arsenic its terms rebounded from a multi-week debased during yesterday’s session.

BTC/USD peaked astatine $26,421.51 earlier today, which comes pursuing a debased of $26,011.47 the time prior.

Monday’s debased saw the world’s largest cryptocurrency commercialized astatine its weakest constituent since September 13, aft dropping beneath $25,800.

From the chart, it appears that the rebound successful terms came arsenic a effect of the comparative spot scale (RSI), uncovering a level of its ain astatine 45.00.

As of penning this, terms spot is present tracking astatine 45.84, with the adjacent disposable constituent of absorption astatine the 55.00 mark.

Should bulls scope the 55.00 level, determination is simply a beardown anticipation that BTC volition determination adjacent to the $27,000 zone.

Ethereum

Ethereum (ETH) besides roseate higher connected Tuesday, aft dropping to a cardinal constituent of enactment to commencement the week.

Following a debased of $1,565.03 connected Monday, ethereum rallied to an intraday precocious astatine $1,598.10 little than 24 hours later.

Not lone did ETH bulls cull a breakout beneath a level astatine $1,565, but besides utilized this arsenic a constituent of reentry, buying the dip successful price.

Similar to bitcoin above, the surge came arsenic a level of the RSI besides held firm, acting arsenic a springboard for traders.

ETH continues to hover beneath the $1,600 level, however, this could alteration pursuing this afternoon’s user assurance report.

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Do you expect ethereum to rally aft the user assurance data? Leave your thoughts successful the comments below.

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