roadrunner Posted April 25, 2023 Share Posted April 25, 2023 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. Register your email here to get weekly price analysis updates sent to your inbox: Will crypto prices rebound following today’s consumer confidence report? Leave your thoughts in the comments below. View the full article Quote Link to comment https://slingbank.com/forums/topic/19056-bitcoin-ethereum-technical-analysis-btc-falls-to-27000-ahead-of-us-consumer-confidence-report%C2%A0/ Share on other sites More sharing options...
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