Bitcoin, Ethereum Technical Analysis: BTC, ETH Slip Ahead of US Consumer Confidence Report

Bitcoin and ethereum were trading little connected Feb. 28, arsenic markets anticipated the merchandise of the upcoming U.S. user assurance report. The data, which is for February, is expected to amusement a flimsy summation successful assurance for the month. This volition apt effect successful the Federal Reserve maintaining its complaint hike argumentation adjacent month.

Bitcoin

Bitcoin (BTC) fell for a 2nd consecutive league connected Tuesday, arsenic prices flirted with a breakout beneath $23,000.

BTC/USD moved to an intraday debased of $23,205.88 earlier successful today’s session, which comes little than 24 hours aft hitting a precocious of $23,857.89.

The determination comes aft bulls were incapable to leap backmost supra the $24,000 people connected Monday, with bears utilizing this arsenic an accidental to reenter.

Looking astatine the chart, the 14-day comparative spot scale (RSI) besides failed to interruption retired of a absorption of its ain astatine 53.00

At the clip of writing, the scale is trading astatine 52.46, with bitcoin somewhat higher than its earlier low.

BTC is present trading astatine $23,466.92, with a determination backmost towards $23,800 inactive connected the cards.

Ethereum

In summation to bitcoin, ethereum (ETH) besides stuttered successful today’s session, with prices moving adjacent to the $1,600 level.

Following a precocious of $1,662.58 to commencement the week, ETH/USD fell to a bottommost of $1,615.39 earlier successful the day.

This caller diminution comes aft a failed effort to determination past a semipermanent absorption level of $1,675.

Additionally, terms spot has besides deed a ceiling astatine the 53.00 mark, with the scale tracking astatine 52.74.

Ultimately this consolidation, which is astir identical to bitcoin’s, comes arsenic markets hold for this afternoon’s user assurance report, earlier deciding which absorption to take.

However, should ETH bulls interruption the 53.00 ceiling connected the RSI, determination is simply a bully accidental that terms could beryllium heading to oregon supra $1,700.

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Do you expect US user assurance to emergence this month? Leave your thoughts successful the comments below.