Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Prices Shaken as Fed Keeps Rates Unchanged

Cryptocurrency markets were volatile on Thursday as traders appeared to react to the Federal Reserve’s decision to keep interest rates unchanged. Bitcoin and ethereum both saw price uncertainty, as markets now expect a March hike.

Bitcoin

After making a run towards the $40,000 resistance on Wednesday, trading above $38,000 in the process, BTC/USD fell to a low of $35,690.05 earlier in today’s session .

Thursday’s move comes as market uncertainty within crypto increased, resulting in today’s candlestick forming a doji, which typically means prices are neither bullish nor bearish.

Following this uncertainty, market strength now hovers at the 30 RSI level, which means we are still within oversold territory.

This RSI level appears to be a point of resistance, which may be the cause of today’s inaction in prices, resulting in traders waiting to see if a breakout could be on the cards.

Overall, short-term momentum continues to point upward, as can be seen with the current ascending triangle, which is keeping hopes of a $40,000 resistance target alive.

Many will now wait to see if this momentum continues on Friday, into the upcoming weekend.

Ethereum

ETH was trading nearly 5% lower from yesterday’s high, however prices seemed to be consolidating, opposed to selling off.

Following a high of $2,705.78 on Wednesday, which saw ETH/USD briefly break into the 0.236 Fibonacci resistance level, prices today fell to a low of $2,366.13.

This drop in price saw markets hit what appeared to be a short-term support point of $2.390, which is an area where ETH has mostly traded this week.

Looking at its current RSI trend, similarities can also be drawn with BTC, with both tracking at or below 30.

Is this the key indicator traders are currently looking at before taking on new positions? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/3IMEclp
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...
Post a Comment
Read more