Bitcoin, Ethereum Technical Analysis: BTC Consolidates Below $35,000 Ahead of US Consumer Confidence Report
Bitcoins
Bitcoin consolidated on Tuesday, as markets prepared for the upcoming United States consumer confidence report.
Following a high of $34,843.94 earlier in the week, BTC /USD slipped to an intraday low of $34,083.31 in today's session.
This resulted in the world's largest cryptocurrency hovering below its key price point of $35,000.
Additionally, the relative strength index (RSI) is tracking above the bottom at 79.00, which is well in bullish territory.
Price strength now stands at 82.02, with the next resistance point seen at 88.00.
Overall, many see BTC as overcooked, with the potential for a longer-lasting reversal.
Ethereum
Ethereum ( ETH ) continues to hover around the $1,800 level, although it was slightly below this point during today's session.
ETH /USD fell to a low of $1,784.95 earlier in the day, which came after a peak of $1,829.25 on Monday.
Bulls had bought the dip earlier, pushing ethereum to its current reading around the $1,813.25 region.
From the chart it can be seen that the rally occurred when the RSI bounced from 68.00. It is now at 71.65.
An upper limit at 75.00 now awaits traders, and if strength surpasses this limit, ETH is likely to move closer to $1,900.
