Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit 1-Week Lows Ahead of FOMC Minutes 

Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit 1-Week Lows Ahead of FOMC Minutes 

Bitcoin neared a breakout below $29,000 on Wednesday, ahead of the release of anticipated Federal Open Market Committee (FOMC) minutes. The minutes will show the United States Fed’s reasoning behind its last rate hike, whilst also giving guidance on its future decisions. Ethereum dropped to a one-week low.

Bitcoin

Bitcoin (BTC) extended recent declines on Wednesday, as traders began to anticipate the upcoming FOMC minutes report.

BTC/USD fell to an intraday low of $29,061.95 earlier in today’s session, which comes after a high of $29,439.12 the day prior.

This drop sent bitcoin to its lowest point since August 7, when the price fell to a bottom of $28,660.

Bitcoin chart by TradingView

Wednesday’s decline comes despite an upward crossover taking place between the 10-day (red) and 25-day (blue) moving averages.

The relative strength index (RSI) did provide a bearish signal however, slipping towards a floor of 42.00

As of writing, the index is tracking at 44.49, which is also a seven-day low.

Ethereum

Additionally, ethereum (ETH) edged lower for a second straight session, as the cryptocurrency moved towards a floor of its own.

Following a high at $1,842.95 on Tuesday, ETH/USD dropped to an intraday low of $1,816.33 earlier today.

Like with bitcoin above, this plunge saw the world’s second largest cryptocurrency record a one-week low.

Ethereum chart by TradingView

Whilst the RSI on BTC was heading towards a floor, ethereum’s price strength broke out of its own support.

The index moved below a support level at 41.00, and is now tracking at 40.83, with the next visible point of support at 39.00.

Should this target be reached, ETH will likely be trading around the $1,780 mark.

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

Do you expect ethereum to fall below $1,800 this week? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/PRoEQq8
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
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

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more