Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound Ahead of US Consumer Confidence Data
Bitcoin rebounded from a multi-week low on Tuesday, as markets awaited the latest consumer confidence report in the United States. The latest figures from the Conference Board are expected to show a slight decline, with a reading of 105.9 in September. This will be down from 106.1 the month prior.
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Bitcoin was back in the green on Tuesday, as its price rebounded from a multi-week low during yesterday’s session.
BTC/USD peaked at $26,421.51 earlier today, which comes following a low of $26,011.47 the day prior.
Monday’s low saw the world’s largest cryptocurrency trade at its weakest point since September 13, after dropping below $25,800.
From the chart, it appears that the rebound in price came as a result of the relative strength index (RSI), finding a floor of its own at 45.00.
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As of writing this, price strength is now tracking at 45.84, with the next visible point of resistance at the 55.00 mark.
Should bulls reach the 55.00 level, there is a strong possibility that BTC will move close to the $27,000 zone.
Ethereum (ETH) also rose higher on Tuesday, after dropping to a key point of support to start the week.
Following a low of $1,565.03 on Monday, ethereum rallied to an intraday high at $1,598.10 less than 24 hours later.
Not only did ETH bulls reject a breakout below a floor at $1,565, but also used this as a point of reentry, buying the dip in price.
Similar to bitcoin above, the surge came as a floor of the RSI also held firm, acting as a springboard for traders.
ETH continues to hover below the $1,600 level, however, this could change following this afternoon’s consumer confidence report.
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Do you expect ethereum to rally after the consumer confidence data? Leave your thoughts in the comments below.
Related: Coins Marketcap