Bitcoin, Ethereum Technical Analysis: BTC Consolidates Around $29,000 Ahead of Nonfarm Payrolls 

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Bitcoin is trading near a support point of $29,000, ahead of today’s U.S. nonfarm payrolls (NFP) report. It is expected that 200,000 jobs were added to the economy last month, down from 209,000 in June. Ethereum was marginally lower on Friday.

Bitcoin

Bitcoin (BTC) consolidated around the $29,000 level on Friday, as traders readied themselves for the upcoming U.S. nonfarm payrolls report.

BTC/USD rose to an intraday high of $29,375.71 in today’s session, following an earlier low of $29,066.24.

Earlier gains have since faded, however, with the world’s largest cryptocurrency now trading at the $29,145.77 mark.

The decline comes as the relative strength index (RSI) fell back towards a support point of 42.00.

After hitting a ceiling above 51.00 in recent days, price strength is now tracking at a reading of 43.71.

There is still optimism that bulls could reenter the market after today’s report, with the $29,500 level an initial target.

Ethereum

Ethereum (ETH) was once again trading below a key support level during today’s session, as price fell for a third straight day.

Following a high of $1,856.41 on Thursday, ETH/USD slipped to a bottom at the $1,828.88 mark earlier in the day.

The decline saw ethereum drop below a support point at $1,850, with sellers once again attempting to take price under $1,800.

From the chart, the RSI has also dipped, and fallen below a floor at the 45.00 level for the first time in over a month.

Currently the index is at a reading of 42.16, with overall sentiment mostly bearish.

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Will markets rally following the payrolls report? Leave your thoughts in the comments below.