Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Recent Declines on Saturday08.10.2022
Bitcoin was trading lower on Saturday, as cryptocurrency prices continued to trade in the red following the latest U.S. nonfarm payrolls (NFP) report. The token dropped for a fourth consecutive day, moving closer to a key support point in the process. Ethereum was also in the red, hitting a five-day low in the process.
Bearish sentiment remained in bitcoin (BTC) markets to start the weekend, as they continued to digest the latest nonfarm payrolls (NFP) report.
Following the better-than-expected jobs report, BTC/USD fell to an intraday low of $19,395.79 earlier in the day.
The move pushed the token close to a key support point of $19,200, and as of writing, it is trading close to a six-day low.
Looking at the chart, the 14-day relative strength index (RSI) has also dropped, and is also approaching a floor of 45.70.
Despite moving closer to this bottom, the 10-day (red) moving average has recently crossed over its 25-day (blue) counterpart, which is typically a sign of bullish momentum.
Should BTC move to its floor of $19,200, there will likely be an influx of bulls looking to buy this dip, sending prices higher as a result.
Ethereum (ETH) was also down for its fourth consecutive day, with the token breaking out of a key support point in the process.
The world’s second largest cryptocurrency dropped to a low of $1,321.75 on Saturday, a day after hitting a peak of $1,356.88.
As a result of today’s sell-off, ETH/USD dropped below its support of $1,330, and is currently trading at its lowest point since October 3.
From the chart, it appears that the RSI is now marginally above its own floor of 42.00, with the price trading at $1,328 as of writing.
Unlike BTC, there has not been any crossover of moving averages, however, the trend lines seem to be nearing in proximity to this point.
Overall, even with the current market turbulence, it seems that bulls are still targeting a breakout of the $1,400 level.
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Could ethereum bulls return to action this weekend? Leave your thoughts in the comments below.