Bitcoin was in the red for a second consecutive session, as markets continued to digest the newest U.S. retail sales figures. Sales rose by over expected in October, coming in at one.3%, versus expectations of a tenth increase. The result oxyacetylene market belief that the U.S Federal Reserve can currently pivot its policy. Ethereum born below $1,200 in today’s session.
Bitcoin
Bitcoin (BTC) fell for a second straight day, as markets continued to react to the most recent U.S. retail sales report.
Following the higher than expected increase in client spending, BTC/USD slipped to a low of $16,430.11 earlier in today’s session.
The drop comes a day when the token was at a high of $16,726.44, however it currently looks to be heading for a recent price floor.
Looking at the chart, this support point seems to be at the $16,200 level, that has been the last line of defense prior to the token moving below $16,000 in recent days.
A positive for long-term bulls is that the 10-day (red) moving average looks like it's somewhat exhausted its downward momentum, with a shift in sentiment probably within the cards.
Should an upcoming floor of 34.00 on the relative strength index (RSI) insist, then we tend to may see BTC bulls begin to shop for this current dip.
Ethereum
In addition to bitcoin, Ethereum (ETH) conjointly plunged in today’s session, with costs falling below $1,200.
The world’s second largest cryptocurrency has been down by roughly two on Thursday, falling to an occasional of $1,189.21 within the method.
This decline saw ETH/USD get away of its recent floor, with successive visible purpose of support at the $1,105 mark.
Unlike BTC, it seems as though the moving averages on ETH might still be heading lower, that might prevent many bears from entering at this moment.
Currently, the RSI here is hovering close to a floor of 38.00, and should this hold, we might see costs begin to rebound.
However, if a flight will turn up, it's likely we might see Ethereum head below $1,100.
( Eliman Dambell, Bitcoin.com, 2022)