Bitcoin mostly consolidated on Tuesday, as traders anticipated the release of July’s retail sales data from the United States. Sales rose by 0.7%, better than the 0.4% expected, and this comes following a 0.2% increase in June. Ethereum also remained unchanged prior to the data.
Bitcoin, Ethereum Technical Analysis: BTC Unmoved by Better Than Expected US Retail Sales Data
This article was published more than a year ago. Some information may no longer be current.
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Bitcoin
Bitcoin ( BTC) was trading in the red for the majority of the day, as price consolidated prior to the release of U.S. retail sales data.
After peaking at $29,660.25 to start the week, BTC/USD fell to a low of $29,272.35 earlier in today’s session.
Since moving above $30,000 on August 8, the world’s largest cryptocurrency has mostly trended sideways.
One reason for a lack of direction appears to be due to the relative strength index ( RSI) tracking between a support and resistance of its own.
The index is currently at a reading of 47.57, and has mostly moved between a floor at 47.00, and ceiling at 49.00 in recent days.
For bulls, a breakout above the 49.00 zone will also likely be the straw needed to break the camel’s back.
Ethereum
Ethereum ( ETH) has remained largely unchanged in the past few days, rising by 0.11% in the past week.
ETH/USD bottomed out at $1,837.21 so far during today’s session, which is almost $20.00 lower than Monday’s high.
Price has mostly consolidated around a support point of $1,830 in recent days, however the prospect of a moving average crossover is keeping bullish hopes alive.
The 10-day (red), and 25-day (blue) moving averages are on the cusp of an upwards crossover, which could likely send prices above $1,900.
Similar to BTC, there will first need to be a breakout above a ceiling on the RSI indicator for this to take place.
On this occasion the resistance point is at 47.00, and the index is currently tracking at 45.23.
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