Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Consolidates, as Markets Prepare for 25-Basis-Point Fed Rate Hike

Bitcoin, Ethereum Technical Analysis: BTC Consolidates, as Markets Prepare for 25 Basis Point Fed Rate Hike

Bitcoin consolidated marginally above the $29,000 level on Wednesday, ahead of today’s Federal Open Market Committee (FOMC) meeting. It is widely expected that the Fed will increase rates by 25 basis points, after holding off on hiking last month. Ethereum also remained mostly unchanged.

Bitcoin

Bitcoin started today’s session largely unchanged, as traders anticipated the latest Federal Reserve rate decision.

Following a low of $29,097.47 on Tuesday, BTC/USD marginally rose to a high of $29,382.11 earlier today.

This move saw the cryptocurrency consolidate around a support point at the $29,100 mark, which was last fully broken on June 21.

Bitcoin chart by TradingView

Another floor was hit in today’s session, as the relative strength index (RSI) collided with the 42.00 zone.

Price strength has since rebounded, and at the time of writing this is tracking at a reading of 42.09.

Should the index remain above this level after today’s rate decision, there is a good chance that BTC could move back towards $30,000.

Ethereum

Additionally, ethereum (ETH) also consolidated on Wednesday, trading close to a key price floor at $1,850.

ETH/USD peaked at $1,867.32 earlier in today’s session, before slipping to a current day’s low of $1,849.44.

The decline came as the 10-day (red) moving average extended its downward crossover with its 25-day (blue) counterpart.

Ethereum chart by TradingView

A key area to pay attention to is the floor at 45.00 on the RSI. The index is currently hovering around this mark, however a breakout could result in further declines.

In the event this occurs, the next visible support level to pay attention to will be the 40.00 zone.

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

Do you believe the Fed should stop hiking rates? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/0bJsDgK
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