Bitcoin, Ethereum Technical Analysis: BTC Consolidates, Ahead of Pivotal FOMC Meeting

Bitcoin consolidated caller gains connected March 21, arsenic markets await the upcoming Federal Open Market Committee (FOMC) meeting. Many expect that the Federal Reserve volition support complaint hikes, nevertheless astatine a slower gait of 25 ground points. This comes aft the U.S. announced it volition research measures to warrant lawsuit deposits astatine embattled banks pursuing a caller crisis.

Bitcoin

Bitcoin (BTC) was erstwhile again trading beneath $28,000, arsenic traders consolidated caller gains up of the upcoming FOMC meeting.

Following a precocious of $28,352.76 to commencement the week, BTC/USD fell to an intraday debased of $27,439.65 earlier today.

The determination sees bitcoin determination distant from its caller nine-month high, up of tomorrow’s complaint decision, which volition apt pb to accrued marketplace volatility.

BTC/USD – Daily Chart

One motion of this uncertainty comes arsenic the 14-day comparative spot scale (RSI), which failed to determination beyond a ceiling of its own.

As of writing, the scale is tracking astatine 71.47, which is marginally beneath a absorption level astatine 72.00.

BTC has since risen backmost supra $28,000 however, with terms swings apt to persist passim the people of the day.

Ethereum

On the different hand, ethereum (ETH) remained beneath $1,800 for the 2nd consecutive session, pursuing a caller ascent into overbought territory.

ETH/USD fell to an intraday debased of $1,725.01 connected Tuesday, a time aft trading astatine a highest of $1,788.13.

Despite a caller upward crossover of the 10-day (red) and 25-day (blue) moving averages, it appears that momentum has shifted.

ETH/USD – Daily Chart

From the chart, it appears that this coincides with the RSI falling backmost beneath a constituent of enactment astatine 61.00

At the clip of writing, the scale is tracking astatine 60.74, with ethereum somewhat higher, and the plus is presently trading astatine $1,762.33.

In bid for bulls to recapture the $1,800 mark, this ceiling connected the RSI indispensable archetypal beryllium broken.

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Will the Federal Reserve summation involvement rates connected Wednesday? Leave your thoughts successful the comments below.

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