Cryptocurrencies continued to consolidate recent gains on Jan. 24, as markets prepared for a big week of U.S. economic data. Gross domestic product (GDP) figures for Q4 2022 will be released on Thursday, followed by consumer sentiment data the day after. Ethereum also secured recent gains in today’s session, with prices nearing a move below $1,600.
Bitcoin
bitcoin (BTC អ) consolidated for a third straight day, as traders continued to secure gains from Saturday, when prices rose to a five-month high.
Despite consolidating, BTC អ/USD remained above $23,000 for most of today’s session, hitting a high of $23,134.01 in the process.
This comes less than 24 hours after it was trading at a low of $22,654.30, which is near a short-term support at $22,500.
ក្រឡេកមើលតារាង, BTC អ is currently trading at $22,913.54, and this comes as the 14-day relative strength index (RSI) neared a ceiling of 86.00.
At the time of writing, the index is tracking at a level of 85.09, with a floor at 80.00 another possible destination for traders.
The 10-day (red) moving average has also begun to show signs of peaking, which could lead to a sudden shift in momentum.
Ethereum
Momentum in ethereum (សាកលវិទ្យាល័យ ETH) somewhat slowed in today’s session, with price approaching its floor at $1,600.
បន្ទាប់ពីតម្លៃខ្ពស់ $1,658.02 ដើម្បីចាប់ផ្តើមសប្តាហ៍។ សាកលវិទ្យាល័យ ETH/USD dropped to a bottom of $1,609.16 earlier in the day.
Sentiment in the world’s second largest cryptocurrency seems to have already shifted, with several dojis (candlesticks signaling reversal) appearing on the chart.
As can also be seen on the chart, the RSI is currently hovering slightly above a floor at 74.00, which is a current reading of 74.07.
Should a breakout take place, bearish pressure will likely increase, with traders potentially eyeing a move under $1,600.
ចុះឈ្មោះអ៊ីមែលរបស់អ្នកនៅទីនេះ ដើម្បីទទួលបានព័ត៌មានថ្មីៗនៃការវិភាគតម្លៃប្រចាំសប្តាហ៍ដែលបានផ្ញើទៅកាន់ប្រអប់សំបុត្ររបស់អ្នក៖
Do you expect markets to rebound following this week’s economic data? Leave your thoughts in the comments below.
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Source: https://news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-eth-consolidate-ahead-of-us-gdp-consumer-sentiment-data/