Bitcoin, Ethereum Technical Analysis: BTC Rebounds on Friday, as NFP Report Looms

Bitcoin, Ethereum Technical Analysis: BTC Rebounds on Friday, as NFP Report Looms

Cryptocurrency prices rebounded on Friday, as markets prepared for the latest U.S. nonfarm payrolls (NFP) report. It is expected that 200,000 jobs will have been added to the United States workforce, which comes as job openings once again trended higher. Bitcoin moved away from a recent floor of $20,060, with ethereum surging closer to $1,600 ahead of today’s report. Bitcoin

Bitcoin (BTC) prices rebounded on Friday, as markets began to prepare for the release of October’s nonfarm payrolls report.

The jobs day report is expected to show that 200,000 jobs were added to the U.S. economy last month, lower than September’s figure of 263,000.

BTC/USD rallied to a peak of $20,642.81 ahead of the report, moving away from Thursday’s low of $20,086.24 in the process. BTC/USD – Daily Chart

Today’s surge sees the world’s largest token move towards a ceiling of $20,800, which was last hit on October 30.

Since last week’s failed breakout, BTC mostly traded lower in the days that followed, with today’s rally one of the few days bullish momentum has trumped downward sentiment.

As of writing, the relative strength index (RSI) is tracking at 58.57, which is marginally below a ceiling of 59.00.

In order to reach $20,800 and above, this resistance will first need to be broken. Ethereum

Ethereum (ETH) was also in the green in today’s session, with prices moving closer to the $1,600 mark.

Following a low of $1,526.73 on Thursday, ETH/USD surged to an intraday high of $1,585.98 earlier in the day.

The move led to the token colliding with the key resistance point, however failing to fully break out of this barrier. ETH/USD – Daily Chart

Since this earlier collision, ETH has somewhat slipped, and as of writing is currently trading at $1,577.26.

Like with bitcoin earlier, previous bulls have seemingly taken profits, just as the RSI neared a resistance point of its own.

The index is currently hovering around a ceiling of 63.00, which likely prompted traders to liquidate positions, in order to avoid market uncertainty.

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Could we see ethereum reach $1,600 this weekend? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Biggest Movers: MATIC Moves to 6-Month High, ATOM up 10% MARKET UPDATES | 8 hours ago Biggest Movers:  MATIC Hits Highest Point Since August, as FLOW Jumps 14% on Thursday MARKET UPDATES | 1 day ago

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