Bitcoin, Ethereum Technical Analysis: BTC Remains Near 2-Month High, Following Strong US Retail Sales

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Bitcoin remained near a two-month high on Tuesday, as markets digested the latest retail sales figures from the United States. Sales, which account for two thirds of the U.S. economy, rose by 0.7% in September, 0.4% higher than expected. Ethereum briefly rose above $1,600.

Bitcoin

Bitcoin continued to trade above $28,000 on Tuesday, following a better than expected increase in U.S. retail sales.

Despite slipping from a peak of $30,000 on Monday, BTC/USD traded above $28,600 in today’s session.

Although gains have eased, this was still considerably higher than yesterday’s low at the $27,855.21 level.

Overall, the recent upward trend means bitcoin is trading at its highest rate since August 18, which comes after the relative strength index (RSI) broke out of a key resistance level.

The index surged beyond a ceiling at 63.00 in yesterday’s session, peaking above the 65.00 mark.

Price strength has since retreated, however is still marginally above the aforementioned point of resistance.

Ethereum

Ethereum (ETH), was lower in today’s session, after a brief stint trading above the $1,600 mark for the first time in almost ten days.

ETH/USD peaked at $1,628.16 to start the week, on the back of a tweet from Cointelegraph that suggested Blackrock’s spot bitcoin ETF was approved.

After these claims were proven to be incorrect, the cryptocurrency has since slipped, falling to a low at $1,570.89 earlier today.

As a result of Tuesday’s decline, bears have snapped a four-day win streak, and could now be targeting a floor at $1,540.

From the chart, it appears that a failure to move beyond a ceiling at 49.00 on the RSI indicator also contributed to today’s decline.

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Do you expect momentum to now shift in favor of sellers? Leave your thoughts in the comments below.