Bitcoin, Ethereum technical analysis: BTC, ETH surge to start the weekend after Friday’s payrolls

Bitcoin neared $17,000 at the start of the weekend as traders continued to react to the latest US nonfarm payrolls data. The December workforce totaled 223,000, which was better than 200,000 markets were expecting. Ethereum was also higher on Saturday, with prices nearing a three-week high.
Bitcoin
Bitcoin (BTC) neared $17,000 on Saturday as traders continued to react to the latest U.S. payrolls (NFP) numbers.
Last month’s NFP number came in at 223k, up 23k higher than expected, in a month when the Federal Reserve hiked interest rates by less than in previous months.
In response, BTC/USD surged to a high of $16,991.99 earlier in the weekend, trading near a three-week high.
BTC/USD daily chart
As can be seen from the chart, today’s rally came as the 10-day moving average (red) was nearing a crossover with its 25-day counterpart (blue).
This as the 14-day Relative Strength Index (RSI) also rose and climbed above a key resistance point at 50.00
Currently the index is trading at 52.24 with the next visible ceiling at 55.00 which is likely the target for the bulls.

ether
Alongside BTC, Ethereum (ETH) also rose at the start of the weekend, with prices gradually moving towards $1,300.
After hitting a low of $1,240.95, ETH/USD rushed to an intraday high of $1,273.22, its highest since December 17.
Today’s move comes as there has been an upside crossover in the moving averages recently, with the 10-day trendline (red) moving up against the 25-day moving average (blue).
ETH/USD daily chart
Typically, such a move is a sign of current and future bullish momentum, and this could likely entice more bulls to re-enter the market.
The next target will undoubtedly be the aforementioned $1,300 cap, which is likely to be reached once the RSI breaks above its current 59.00 ceiling.
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Do you expect Ethereum to climb above $1,300 this weekend? Leave your thoughts in the comments below.

Elijah Dambell

Eliman brings an eclectic perspective to market analysis, having previously been a broker director and retail educator. He currently acts as a commentator for various asset classes including crypto, stocks and forex.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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