Bitcoin, Ethereum Technical Analysis: BTC Rebounds Ahead of US Consumer Confidence Report
After a three-day losing streak, bitcoin rebounded on Tuesday, ahead of the upcoming consumer confidence report in the United States. Price briefly fell below the $30,000 level earlier in the session, however bullish momentum has since returned. Ethereum rose above $1,900 for a short period.
Bitcoin
Bitcoin (BTC) rebounded from recent losses on Tuesday, ahead of the upcoming U.S. consumer confidence report.
The Conference Board expects its index to rise to a reading of 104.0 in June, up from 102.3 the month prior.
BTC/USD rose to an intraday high of $30,751.19 on Tuesday, following a low at $29,955.74 to start the week.
The move appears to have occurred as the 14-day relative strength index (RSI) bounced from a support point at 68.00.
As of writing, the index now sits at a reading of 70.17, which is once again in overbought territory.
A barrier at 73.00 is now the next visible ceiling, and unless bulls break out of this point, BTC will likely move back below $30,000.
Ethereum
Ethereum (ETH) briefly rose above the $1,900 level in today’s session, after falling towards a support level of $1,830 on Monday.
Following a low of $1,840.22 to start the week, ETH/USD jumped to a peak at $1,905.36 earlier in the day.
Momentum has since shifted, with the world’s second largest cryptocurrency once again falling below the $1,900 level.
At the time of writing, ETH is trading at $1,881.79, with the RSI marginally below a resistance level of 58.00.
Overall, momentum is bullish, following a recent crossover between the 10-day (red) moving average, and its 25-day (blue) counterpart.
Should this cross mature, there is a good chance that ETH will not only move above $1,900, but closer to $2,000.
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Do you expect ethereum to reach $2,000 in July? Leave your thoughts in the comments below.
