Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Consolidates Recent Gains, as Traders Anticipate Powell Speech

BTC Consolidates Recent Gains, as Traders Anticipate Fed Powell Speech

Bitcoin profit takers swooped in to capture recent profits on Wednesday, as the cryptocurrency retreated below a recent high above $35,000. The decline comes ahead of Federal Reserve Chair Jerome Powell’s speech later today. Ethereum also edged lower, dropping under the $1,800 level.

Bitcoin

Bitcoin was trading lower on Wednesday, as traders appeared to have finally decided to secure profits, following recent gains.

BTC/USD slipped to an intraday low of $33,278.40 late in yesterday’s session, after an earlier peak above the $35,000 mark.

Although bulls have since pushed the cryptocurrency higher, with the price now at $34,246.74, it remains below heights seen on Tuesday.

Bitcoin chart by TradingView

One reason for this being the relative strength index (RSI), which was significantly overbought on Tuesday, tracking around 89.00.

Currently, the index is at a reading of 87.22, which is marginally lower, but still remains primed for a reversal.

Today’s speech could be the storm that traders are waiting to clear, before either intensifying recent momentum, or selling off further.

Ethereum

Ethereum (ETH) retreated below the $1,800 level on Wednesday, snapping a six-day winning streak.

Following a high of $1,852.68 during yesterday’s session, ETH/USD fell to a low of $1,758.69 earlier in the day.

ETH has since rebounded, marginally, and is now trading at $1,784.57, which is over 3% lower than Tuesday’s peak.

Ethereum chart by TradingView

Overall sentiment remains largely positive, with the 10-day (red) moving average extending its upward trend versus its 25-day (blue) counterpart.

Although the RSI in ethereum is also overbought, and tracking above 70.00, bulls could attempt to push the price above $1,900 in this upcycle.

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

How will today’s Fed speech impact crypto prices? Leave your thoughts in the comments below.



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