Bitcoin, Ethereum Technical Analysis: BTC Back Above $19,000 Ahead of FOMC Meeting

Bitcoin was trading marginally higher ahead of Wednesday’s United States FOMC meeting, where it is expected that the Federal Reserve will increase interest rates. As inflation continues to remain at elevated levels, many anticipate the Fed will raise rates by over 75 basis points. Ethereum was also up, after briefly falling below $1,300 on Monday.

Bitcoin

Bitcoin (BTC) was marginally higher on Tuesday, as markets began to prepare for tomorrow’s Federal Open Market Committee (FOMC) meeting.

BTC/USD hit an intraday high of $19,639.48 earlier in today’s session, as prices rebounded from losses to start the week.

The move came as bulls rejected an attempt to move below yesterday’s floor of $18,645, instead using this as a point of reentry.

Looking at the chart, today’s gains have seen the 14-day relative strength index (RSI) move away from yesterday’s bottom below the 38.00 point. The RSI is currently tracking at 39.69.

The next step for bulls would be to recapture the $20,000 level, however the current level of market volatility will make this no easy feat.

As of writing, the token is trading at $19,117.06, as earlier gains have somewhat diminished, prior to the rates decision.

Ethereum

Similar to bitcoin, ethereum (ETH) also attempted to move higher on Tuesday, following a move to a two-month low during yesterday’s session.

ETH/USD, which hit a bottom of $1,287.72 to start the week, rose to a peak of $1,388.27 earlier in the day.

Like with BTC earlier, ethereum bulls reentered the market following a move below a key support point, in this instance the floor of $1,315.

Although the 14-day RSI is currently in bearish or oversold territory, many still believe that further declines could come.

As of writing, the index is tracking at 36.90, however a support level of 34.60 could be a target for some traders.

A downward cross of moving averages is another reason why some expect a potential move below $1,000 could be ahead.

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

Do you believe tomorrow’s FOMC rate decision will push ethereum higher? Leave your thoughts in the comments below.

from Bitcoin News https://ift.tt/NAlZTc4

Comments

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

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

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

breaking news this december get instant daily breaking news

Search This Blog