Over the weekend, Bitcoin experienced a downward trend due to the impact of the latest nonfarm payrolls in the United States. Although the payrolls exceeded expectations, the unemployment rate rose to 3.7%, reaching its highest point since October last year. BTC started the weekend with consolidation, as traders analyzed the U.S. nonfarm payrolls data. The number of payrolls for the previous month reached 339,000, surpassing the market expectation of 190,000. At the time of writing, BTC/USD is trading at $27,149.78, recovering from a low of $26,898.00 observed on Friday.

The recent upward crossover of the 10-day (red) and 25-day (blue) moving averages signaled a potential return of bullish momentum. However, the economic data released yesterday has left more questions than answers regarding the upcoming Federal Reserve meeting. Bulls still face a significant hurdle at $27,300, and if they manage to overcome it, the chances of a move towards $28,000 will increase.

Meanwhile, Ethereum briefly broke through the $1,900 level at the beginning of the weekend but experienced a subsequent rebound. ETH/USD reached a peak of $1,910.28 on Saturday after hitting a bottom of $1,878.61 earlier. Currently, Ethereum is trading at $1,903.70, showing a 0.63% increase from the aforementioned low. To further increase this percentage, the relative strength index (RSI) needs to surpass the ceiling at 49.00. Currently, the index stands at 48.08, with bears attempting to push it towards the support point at 47.00. If the bulls reject this push, the ETH 10-day (red) moving average is likely to cross over, potentially initiating another uptrend.

For weekly price analysis updates, you can register your email [here](link to registration page). Feel free to share your thoughts on whether markets could remain volatile until the next Fed meeting in the comments below.

FAQ about cryptocurrency technical analysis

What is cryptocurrency technical analysis?

Cryptocurrency technical analysis is a method of evaluating the price movements and trends of cryptocurrencies, such as Bitcoin and Ethereum, based on historical data and chart patterns. It involves analyzing indicators like moving averages, relative strength index (RSI), and market trends to make predictions about future price movements.

How does nonfarm payrolls affect Bitcoin and Ethereum?

Nonfarm payrolls data, which measures the number of jobs added or lost in the U.S. economy, can have an impact on the overall market sentiment and investor confidence. Positive payrolls data may indicate a strong economy, potentially boosting demand for cryptocurrencies like Bitcoin and Ethereum. Conversely, negative or unexpected data could lead to uncertainty and affect market dynamics.

What is the significance of moving averages in cryptocurrency analysis?

Moving averages are widely used in cryptocurrency analysis as they help identify trends and potential reversals in price movements. The crossover of different moving averages, such as the 10-day and 25-day averages mentioned in the text, can signal changes in bullish or bearish momentum. Traders often use moving averages as key reference points for making trading decisions.

How does the Federal Reserve meeting impact cryptocurrency markets?

The Federal Reserve meeting is closely watched by market participants as it provides insights into the monetary policy decisions and economic outlook of the United States. Any hints or announcements made during the meeting can impact investor sentiment and influence the direction of cryptocurrency markets. Traders often monitor these meetings for potential market-moving statements or policy changes.

How can I stay updated with weekly price analysis?

To receive weekly price analysis updates, you can register your email on the provided link in the text. This will allow you to stay informed about the latest developments, market trends, and technical analysis insights related to cryptocurrencies like Bitcoin and Ethereum.

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5 comments

CryptoExpert97 June 3, 2023 - 1:34 pm

Wow, this technical analysis really helps me keep up with Bitcoin and Ethereum. It’s great to know what’s going on in the market. Can’t wait for the next Fed meeting!

Reply
CryptoTrader123 June 3, 2023 - 1:34 pm

Yo, this analysis got all the deets on BTC and ETH. Movin’ averages, bullish vibes, and that Fed meeting coming up. Gotta stay updated, ya know?

Reply
BitcoinEnthusiast June 3, 2023 - 1:34 pm

This analysis is da bomb! Gives me the lowdown on BTC and ETH. Got my eyes on that $27,300 hurdle, hope the bulls can jump it. Let’s ride the uptrend!

Reply
CryptoGeekGirl June 3, 2023 - 1:34 pm

Loving this crypto analysis, always good to know the market trends. Hoping for some positive RSI action for ETH, let’s break that ceiling! Sign me up for those weekly updates.

Reply
InvestorExtraordinaire June 3, 2023 - 1:34 pm

Market volatility got me like whoa! Gotta keep track of those nonfarm payrolls and that unemployment rate. BTC and ETH are keeping us on our toes. Time to make some smart moves!

Reply

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