Technical Analysis of Bitcoin and Ethereum: Friday's BTC Rebound

Bitcoin
The price of Bitcoin (BTC) increased on Friday as markets started to get ready for the publication of the nonfarm payrolls report for October.

According to the jobs day report, 200,000 jobs were created to the American economy in October, which is less than the 263,000 jobs added in September.

Before the announcement, BTC/USD surged to a high of $20,642.81, reversing Thursday's low of $20,086.24.

BTC/USD – Daily Chart

With today's spike, the biggest token in the world is moving toward a ceiling of $20,800, which was last reached on October 30.

Since last week's failed breakout, BTC has usually traded lower; today's surge is one of the rare days where upward momentum has triumphed over bearish pessimism.

The relative strength index (RSI) is currently tracking at 58.57, just below a ceiling of 59.00.

This resistance must first be broken in order to reach $20,800 and above.

Ethereum (ETH)
Today's session saw gains for Ethereum (ETH), with prices getting closer to the $1,600 level.

The price of ETH/USD increased to an intraday high of $1,585.98 earlier in the day after dropping to a low of $1,526.73 on Thursday.

The move caused the token to bump into the main point of resistance, but it was unable to completely overcome it.

ETH/USD – Daily Chart

Since this earlier collision, ETH has slightly declined and is now trading at $1,577.26 as of this writing.

Similar to what happened with bitcoin previously, past bulls appear to have cashed out when the RSI approached a resistance level of its own.

In order to prevent market volatility, traders are likely to have liquidated positions as the index is currently trading near its ceiling of 63.00.

This technical Analysis is written with the help of article from bitcoin news
https://news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-rebounds-on-friday-as-nfp-report-looms/