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Bitcoin and Ethereum Technical Analysis: BTC Nears $40,000 Support on NFP Day

Following three consecutive sessions of falls, BTC was rapidly approaching its February nonfarm payrolls support level of $40,000 on Friday, as markets braced for the release of February’s nonfarm payrolls report. This occurred while ETH plummeted as well, approaching its own price floor of $2,500 in the process.

Bitcoin

BTC bulls have been scarce in recent days, as the world’s largest cryptocurrency has been under increasing bearish pressure.

This pressure came as a result of Tuesday’s advance to the resistance level of $45,000, which generated an attack of new short sellers.

As of this writing, BTC is down over 6% on the day, trading at $40,845.52, with the 14-day RSI reading 49.5.

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According to the chart, BTC appears to be heading for support at $40,056, while the RSI appears to be heading for its own floor at 47.

The 25-day mid-term moving average (blue) also appears to have reversed course, with momentum currently flowing downward.

At the moment, it appears as though this bearish pressure will surely drive prices to the floor. Once there, though, market uncertainty may set in.

Ethereum

ETH, like bitcoin, is down for a third straight day, with the world’s second-largest cryptocurrency down 7% as of writing.

ETH/USD achieved an intraday high of $2,891.03 earlier today, but the gains were brief, and ethereum is now trading at $2,702.07.

This is slightly higher than today’s low of $2,680.50, but many anticipate further price declines as Friday’s session progresses.

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Bears appear to be aiming for the $2,550 support level, which has been in place since prices were trading near the $3,000 resistance level.

Price strength has also entered oversold territory, as shown by the 14-day RSI reading of 44.8. However, the 39th level appears to be a feasible floor.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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