Skip to main content

Bitcoin, Ethereum Technical Analysis: ETH Drops Below $1,400 Support, BTC Hits $21,000 Prior to Federal Reserve Meeting

Ethereum fell below its recent floor of $1,500 earlier in today’s session, as bearish pressure intensified in crypto markets. Uncertainty in the market has heightened today, as traders prepare for yet another rate hike from the Fed. Bitcoin was also lower for a second consecutive day, as prices were on the cusp of falling under the $21,000 level.

Bitcoin

Bitcoin (BTC) extended its stint in the red during today’s session, as the token was on the cusp of falling below $21,000.

Following a high of $22,213.48 to start the week, BTC/USD slipped to an intraday low of $21,012.48 in today’s session.

The move saw the world’s largest cryptocurrency fall to its lowest level since last Monday, July 18, when prices were trading at a significant price floor.

This support point is the $20,600 level, which typically has been the last line of defense from bulls, preventing bearish sentiment from taking bitcoin below $20,000.

Looking at the chart, it looks as though we could be set to see BTC once again collide with this floor, as downside pressure seems to be gaining momentum.

The relative strength index (RSI) is also tracking below 50, which usually indicates that bears are currently dictating price movement.

Ethereum

Bears were seemingly dictating momentum in ethereum (ETH), as the token declined below $1,400 in today’s session.

ETH/USD, which was trading at a peak of $1,535.07 on Monday, is now trading at a low of $1,389.29 as of writing.

The decline has intensified as the session has progressed, coming ahead of tomorrow’s Federal Open Market Committee policy meeting.

As a result of this bearish sentiment, relative strength is now tracking at its lowest level in over ten days, with a reading of 51.

Overall, price declines have come shortly after the 14-day RSI moved into overbought territory last week, which bears used as a sign to reenter the market.

The current reading of the index is also a support point, and should this level hold firm, then we may see a rebound in price after tomorrow’s rate decision.

Register your email here to get weekly price analysis updates sent to your inbox:

How long do you expect the Federal Reserve to keep hiking rates? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/zsgbZip
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

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
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