BTC, ETH consolidate before US BIP, consumer mood data-market tactualizations

cryptocurrencies consolidated the recent profits on January 24th when the markets prepared for a big week with US economic data. The number of gross domestic product (GDP) for the fourth quarter 2022 will be published on Thursday, followed by data on the consumer mood the day after. Ethereum also secured the latest profits in today's session, whereby the prices of a movement approached less than $ 1,600.

Bitcoin

bitcoin ( Bitcoin ) consolidated for a third day in a row, as the dealers have reached a five-month high since Saturday Made profits.

Despite consolidation Bitcoin /USD remained over 23,000 in today's session and reached a high from 23.134.01 $.

This happens less than 24 hours after it was traded at a low of $ 22,654.30, which is close to short -term support at $ 22,500

If you look at the diagram, bitcoin is currently being traded at 22.913.54 $ Relative strength index (RSI) of an upper limit of 86.00 approached.

At the time of writing this article, the index moves at a level of 85.09, with a lower limit at 80.00 another possible destination for dealers.

The moving 10-day average (red) has also started to show signs of a highlight, which could lead to a sudden change in the momentum.

ether

Momentum in Ethereum ( ETH ) slowed down in today's meeting, whereby the price approaches its soil at $ 1,600 $

after a high of $ 1,658.02 at the beginning of the week eth /USD fell on a low of 1,609,16 $.

The mood in the second largest cryptocurrency in the world seems to have changed, with several dojis (candlesticks that signal a reversal) appear on the chart.

As can be seen on the chart, the RSI currently hovers slightly above a floor at 74.00, which corresponds to a current value of 74.07

If there is a breakout, the downward pressure will probably increase, with retailers possibly keeping an eye on a movement below $ 1,600.

Set your email address here to receive weekly price analysis updates to your inbox:

await the markets after the economic data this week? Leave your thoughts in the comments below.

Eliman Damell

Eliman brings an eclectic point of view to the market analysis. Previously, he was a brokerage director and online trading instructor. He currently acts as a commentator for various investment classes, including crypto, stocks and foreign exchange, and is also the founder of a startup.

Bedy verification : Shutterstock, Pixabay, Wikicommons