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

1 year ago
 BTC Consolidates, arsenic  Markets Prepare for 25 Basis Point Fed Rate Hike

Bitcoin consolidated marginally supra the $29,000 level connected Wednesday, up of today’s Federal Open Market Committee (FOMC) meeting. It is wide expected that the Fed volition summation rates by 25 ground points, aft holding disconnected connected hiking past month. Ethereum besides remained mostly unchanged.

Bitcoin

Bitcoin started today’s league mostly unchanged, arsenic traders anticipated the latest Federal Reserve complaint decision.

Following a debased of $29,097.47 connected Tuesday, BTC/USD marginally roseate to a precocious of $29,382.11 earlier today.

This determination saw the cryptocurrency consolidate astir a enactment constituent astatine the $29,100 mark, which was past afloat breached connected June 21.

Another level was deed successful today’s session, arsenic the comparative spot scale (RSI) collided with the 42.00 zone.

Price spot has since rebounded, and astatine the clip of penning this is tracking astatine a speechmaking of 42.09.

Should the scale stay supra this level aft today’s complaint decision, determination is simply a bully accidental that BTC could determination backmost towards $30,000.

Ethereum

Additionally, ethereum (ETH) besides consolidated connected Wednesday, trading adjacent to a cardinal terms level astatine $1,850.

ETH/USD peaked astatine $1,867.32 earlier successful today’s session, earlier slipping to a existent day’s debased of $1,849.44.

The diminution came arsenic the 10-day (red) moving mean extended its downward crossover with its 25-day (blue) counterpart.

A cardinal country to wage attraction to is the level astatine 45.00 connected the RSI. The scale is presently hovering astir this mark, nevertheless a breakout could effect successful further declines.

In the lawsuit this occurs, the adjacent disposable enactment level to wage attraction to volition beryllium the 40.00 zone.

Register your email present to get play terms investigation updates sent to your inbox:

Do you judge the Fed should halt hiking rates? Leave your thoughts successful the comments below.

View source