Bitcoin, Ethereum Technical Analysis: BTC Below $26,000 Ahead of US Consumer Confidence Report

Bitcoin, Ethereum Technical Analysis: BTC Below $26,000, Ahead of US Consumer Confidence Report

Bitcoin returned to the red on Tuesday, as markets began to anticipate the upcoming consumer confidence report in the United States. The Conference Board index is expected to fall to a reading of 116 in August, from 117 the month prior. Ethereum was also marginally lower.

Bitcoin

Bitcoin slipped slightly during Tuesday’s session, as markets began to anticipate the upcoming consumer confidence report from the United States.

BTC/USD dropped to an intraday low of $25,914.93 earlier in today’s session, following a peak of $26,406.15 on Monday.

The decline sees bitcoin remain in consolidation, however some traders are optimistic about this ending as the week progresses.

Looking at the chart, one of the reasons for this long stretch of price uncertainty is the relative strength index (RSI) failing to surge past resistance.

In this case, the aforementioned ceiling is at the 33.00 mark, which has remained intact for nearly two weeks.

As of writing, the index is tracking at 30.72.

Ethereum

Ethereum (ETH) edged marginally lower on Tuesday, as it continued to trade close to a support point of its own.

Following a high of $1,665.14 to start the week, ETH/USD dropped to a bottom of $1,641.63 earlier in the day.

The move saw ethereum once again fall below a support point of $1,650, which it has hovered around for the last ten days.

As of writing, the index remains in oversold territory, with a reading of 30.92, and appears to be heading for a floor at 29.00.

Should it reach this point there is a strong chance that ethereum will move under $1,630.

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