Bitcoin, Ethereum Technical Analysis: BTC Drops Below $20K Ahead of Friday’s NFP Report

Bitcoin News

Bitcoin once again slipped below $20,000, as market uncertainty rose ahead of Friday’s Non-farm payrolls report. Tomorrow’s payrolls are expected to come in at 300,000 jobs, which is lower than July’s 528,000 figure. Ethereum also declined, as the price moved away from the $1,600 region.

Bitcoin

Bitcoin (BTC) briefly fell below $20,000 on Thursday, as crypto traders began to anticipate tomorrow’s non-farm payrolls report.

Following an additional 528,000 jobs in the U.S. economy in July, last month’s figure is expected to show an increase of 300,000.

Ahead of the report BTC/USD slipped to an intraday low of $19,862.02, which is over $500 lower than yesterday’s peak at $20,390.28.

BTC/USD – Daily Chart

Looking at the chart, the drop comes as the 14-day relative strength index (RSI) fell below its resistance point of 37.90, and is now tracking at 37.00.

The momentum of the 10-day (red) moving average also continues to be bearish, with the trend line maintaining its downward trajectory.

Should tomorrow’s payrolls report disappoint, then we could see bitcoin fall towards its recent support level at $19,500.

Ethereum

Like bitcoin, ethereum (ETH) was also lower in today’s session, as the token fell below $1,600 earlier in the day.

Following a high of $1,612.36 on hump day, ETH/USD dropped to a low of $1,536.55 on Thursday, falling below its floor of $1.550 in the process.

Shortly after this breakout, bulls opted to return, buying the dip, which has in turn pushed prices back above this support point.

ETH/USD – Daily Chart

As of writing, ethereum is now tracking at $1,577.39, with the RSI currently at 46.69, with bulls still targeting a resistance level of 50.00.

Depending on the sentiment of tomorrow’s jobs report, we could see bullish pressure intensify, sending prices above not only $1,600, but close to $1,700.

However, there are still some signs of bears in the market, which could trigger a price reversal, especially the closer we get to the ceiling of $1,625.

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Do you expect a strong non-farm payrolls report on Friday? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




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