Bitcoin, Ethereum Technical Analysis: BTC Falls to $27,000 Ahead of US Consumer Confidence Report
Bitcoin remained close to a four-week low on Tuesday, as prices fell to a support point around $27,000. The decline came ahead of this afternoon’s U.S. consumer confidence report, which is expected to fall from 104.2, to a reading of 104 in April. Ethereum was also lower, and approached a breakout below the $1,800 level.
Bitcoin
Bitcoin (BTC) continued to trade near a one-month low, as markets prepared for the upcoming consumer confidence report in the United States.
Following a high of $27,701.26 during yesterday’s session, BTC/USD fell to a low of $27,070.85 on Tuesday.
This is the weakest point that bitcoin has fallen to since March 28, which is when it last traded below $27,000.
Looking at the chart, it appears that this drop took place as the relative strength index (RSI) moved back towards a floor at 41.00
At the time of writing, price strength is tracking at 43.14, following a failed breakout of a ceiling at 45.00.
Should bears push the index below 41.00, there is a good chance that BTC will move to a lower floor at $26,500.
Ethereum
Ethereum (ETH) was also in the red in today’s session, with bears pushing the price towards the $1,800 mark.
ETH/USD dropped to an intraday low of $1,807.74 on Tuesday, following a high at $1,874.11 the day prior.
Tuesday’s slippage came as ethereum fell below its recent support point at the $1,830 mark, which had been in place since April 4.
From the chart, this latest downturn came after the RSI indicator collided with a ceiling at the 48.00 level.
Price strength is now tracking at 43.67, with a support point at 42.00 a potential target for bears should momentum continue in its current direction.
The 10-day (red) moving average is now also nearing a cross with its 25-day (blue) counterpart, which could be a sign of upcoming declines.
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Will crypto prices rebound following today’s consumer confidence report? Leave your thoughts in the comments below.
