Bitcoin, Ethereum Technical Analysis: BTC, ETH Surge to Start the Weekend, Following Friday’s Payrolls

Bitcoin moved nearer to the $17,000 degree to begin the weekend, as merchants continued to react to the most recent U.S. nonfarm payrolls knowledge. December’s payrolls got here in at 223,000, which was higher than the 200,000 markets had anticipated. Ethereum was additionally larger on Saturday, with costs nearing a three-week excessive.

Bitcoin

Bitcoin (BTC) moved nearer to the $17,000 degree on Saturday, as merchants continued to react to the most recent U.S. nonfarm payrolls (NFP).

Last month’s NFP numbers got here in at 223,000, which is 23,000 larger than anticipated, and this was in a month the place the Federal Reserve elevated rates of interest by lower than in earlier months.

In response to this, BTC/USD surged to a peak of $16,991.99 to begin the weekend, hovering near a three-week excessive within the course of.

As may be seen from the chart, immediately’s rally got here because the 10-day (purple) shifting common closed in on a crossover with its 25-day (blue) counterpart.

This, because the 14-day relative power index (RSI) additionally rallied, climbing above a key resistance level at 50.00

Currently, the index is monitoring at 52.24, with the following seen ceiling on the 55.00 mark, which is probably going the place bulls are concentrating on.

Ethereum

In addition to BTC, ethereum (ETH) additionally moved larger to begin the weekend, with costs shifting step by step nearer to $1,300.

Following a low of $1,240.95, ETH/USD raced to an intraday excessive of $1,273.22, which is its highest level since December 17.

Today’s transfer comes as an upwards crossover of shifting averages has not too long ago occurred, with the 10-day (purple) pattern line shifting larger versus the 25-day (blue) line.

Typically such a transfer is an indication of present and future bullish momentum, and this might doubtless tempt extra bulls to re-enter the market.

The subsequent goal will undoubtedly be the aforementioned $1,300 ceiling, which is able to doubtless be hit as soon as the RSI climbs previous its present ceiling at 59.00.

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Do you count on ethereum to climb above $1,300 this weekend? Leave your ideas within the feedback under.