Bitcoin posted losses for the second time in a row as the market continued to digest the latest US retail sales. Sales in October were up 1.3%, better than expected, compared to expectations of a 1% increase. The result strengthened the market’s belief that the US Federal Reserve (Fed) would change its policy. Ethereum has broken below $1,200 in today’s session.
Bitcoin (Bitcoin) fell for a second straight day as the market continued to react to the latest US retail sales report.
Given the unexpected growth in personal consumption, Bitcoin/USD fell to a low of $16,430.11 before today’s open.
It fell a day after the token hit a high of $16,726.44, but appears to be heading towards its recent lower end.
Bitcoin/USD – daily chart
Looking at the chart, this support point appears to be at the $16,200 level. This was the last line of defense before the token recently dipped below $16,000.
The positive for the long-term bulls is that the 10-day (red) moving average appears to have exhausted some of the downward momentum.
If the Relative Strength Index (RSI) stays firm on the upcoming floor at 34.00, we’ll see: Bitcoin The bulls start buying this current drop.
In addition to Bitcoin, Ethereum (ethereum) also plummeted in today’s session, dropping below $1,200.
The world’s second-largest cryptocurrency fell about 2% on Thursday, dropping to $1,189.21 in the process.
This decrease has seen ethereum/USD has broken out of recent lows, with the next visible support point at $1,105.
ethereum/USD – daily chart
not like Bitcoinwhich seems to have moving averages turned on ethereum Many bears can be prevented from entering at this point.
Currently, the RSI is hovering around the 38.00 lower bound here, and if this holds, the price could start to rebound.
However, in the event of a breakout, Ethereum could fall below $1,100.
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Will the Fed change monetary policy at its next meeting? Leave your thoughts in the comments below.
Eliman brings an eclectic perspective to market analysis. He was previously a brokerage director and retail trading educator. Currently, he works as a commentator on various asset classes including cryptocurrencies, stocks and FX.
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