Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Consolidates Below $28,000 Ahead of Key US Economic Reports

Bitcoin, Ethereum Technical Analysis: BTC Stalls on Tuesday, as Markets Prepare for FOMC Minutes

Bitcoin consolidated recent losses on Tuesday, as focus shifts to Wednesday’s Federal Open Market Committee (FOMC) minutes. Traders will look for guidance from the report, to see the Fed’s stance on the economy, after opting to keep rates unchanged last month. Ethereum remains below $1,700 in today’s session.

Bitcoin

Bitcoin (BTC) continued to trade below the $28,000 level on Tuesday, ahead of the release of last month’s FOMC minutes.

BTC/USD peaked at $27,715.85 earlier in the day, which comes less than 24 hours after hitting a low of $27,302.56.

Overall, although mid-term momentum appears to be bullish, bears seem to be looking to hit the $27,000 mark in the short-term.

The relative strength index (RSI) of 14 days remains on a downward trend, with a current reading at 54.95.

This comes as price strength attempts to find a floor, following a move away from a resistance level of 60.00.

Currently, BTC is trading at $27,518.86, however volatility will likely increase as we near tomorrow’s economic release.

Ethereum

Additionally, ethereum (ETH) remained in the red, following the recent decision by the Ethereum Foundation to trade 1,700 tokens.

After a high of $1,596.97 to start the week, ETH/USD retreated to a low of $1,553.01 late in yesterday’s session.

This saw the cryptocurrency hit a one-month low, prompting bulls to buy the dip, pushing price to a current reading of $1,580.44.

From the chart, it seems that the recent decline has pushed the 10-day (red) moving average close to a downward cross with its 25-day (blue) counterpart.

In the event that this occurs, there will likely be further sell-offs, with ethereum almost certainly falling below $1,500.

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

Will there be a stronger red wave to come later this week? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/4zQGxh6
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

Seven UK Companies Form Cryptocurrency Trade Body

Seven major crypto companies operating in the UK have announced the formation an independent cryptocurrency trade body. The group, Crypto UK, has stated that its principal aim is to “improve industry standards and engage policymakers.” Also Read:   Independent Ratings Agency Alerts Investors About Dangers of Tether Leading Cryptocurrency Companies form Crypto UK Trade Body Seven leading cryptocurrency companies operating the UK have formed an independent trade body tasked with developing self-regulatory standards for the cryptocurrency industry, in addition to “engag[ing] policymakers.” The members of Crypto UK are Coinbase, Etoro, Cex.io, Blockex, Commerceblock, Coinshares, and Cryptocompare – comprising trading platforms, exchanges, asset managers, merchants, comparison websites, and intermediaries from the cryptocurrency sector. “Regulation is Imminent” The Crypto UK chairman and managing director of Etoro, Iqbal Gandham, described the trade body’s mission as “promot[in...
41 comments
Read more