Technical Analysis of Bitcoin and Ethereum: Consolidate Before U.S. Consumer Sen

[Coin_Gabbar]

On Friday, the price of bitcoin stayed below $20,000 as the market's outlook for the coming weekend remained mostly unchanged.
The biggest cryptocurrency in the world tried to advance towards this milestone but fell short after hitting a wall on the relative strength index (RSI). As markets got ready for the disclosure of US consumer data, Ethereum likewise remained relatively unaltered.

Bitcoin
On Friday, the price of bitcoin (BTC) stayed stable as the market's outlook for the weekend remained essentially unchanged.

Today's session saw the token continue its ascent toward $20,000, peaking at $19,635. The recent U.S. consumer sentiment data, which is anticipated to show an improvement in confidence, comes before today's upheaval.

On the chart, BTC/USD has also reached a ceiling on the 14-day relative strength index, which has caused it to stall (RSI). The index is tracking at 46.45 as of this writing, with price strength continuing to decline from its most recent high point of 49.00.

Bulls are still expected to make another push for the $20,000 price level, but this is unlikely to happen until the previously indicated resistance is overcome.

Ethereum
On Friday, values of the token also stabilised, and Ethereum (ETH) was once more trading close to a crucial support level.

ETH/USD has decreased since reaching a high of $1,345 earlier in the day due to the ongoing high level of price uncertainty. The second-largest cryptocurrency in the world as of this writing is trading at $1,327, just over its $1,330 floor.

Similar to bitcoin, the 14-day RSI is currently trading below a recent high of 42.00, which has been in place for the past two weeks. This has contributed to the token's sideways trajectory, which has recently seemed to stabilise in the wake of the Merge event.

Should the data be stronger than markets had previously anticipated, this afternoon's consumer confidence report could function as a catalyst to break this period of consolidation.
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