Bitcoin, Ethereum Technical Analysis: BTC Falls From 5-Week High as Traders Continue to Digest Fed Decision

Bitcoin fell from a five-week precocious connected Thursday, arsenic markets continued to respond to the latest Federal Reserve involvement complaint decision. The U.S. Fed moved to summation involvement rates by 50 ground points arsenic expected, whilst besides laying the crushed for a slower gait of hikes successful coming months. Ethereum besides retreated from caller highs, falling beneath $1,300 earlier today.

Bitcoin

Bitcoin (BTC) was erstwhile again trading beneath $18,000, arsenic bears reentered the marketplace pursuing the latest Fed meeting.

Following a determination to a five-week precocious of $18,318.53 connected Wednesday, BTC/USD slipped to an intraday debased of $17,642.51 earlier today.

The driblet seemingly comes arsenic traders moved to unafraid profits, aft signaling 3 consecutive days of gains.

BTC/USD – Daily Chart

Looking astatine the chart, this reversal successful terms coincided with the 14-day comparative spot scale (RSI) failing to interruption retired of a ceiling astatine 60.00

As of writing, the scale is tracking astatine the 57.17 mark, with the adjacent disposable constituent of enactment astatine 54.00.

Should terms spot find its mode to this floor, it is apt that BTC volition beryllium trading adjacent to the $17,200 point.

Ethereum

In summation to bitcoin, ethereum (ETH) besides moved little connected Thursday, pursuing the U.S. Federal Reserve’s determination to hike rates by 0.5%.

After the decision, Fed Chair Jerome Powell gave immoderate marketplace guidance stating that they “are getting adjacent to the level we deliberation [is] sufficiently restrictive.”

ETH/USD fell to a bottommost of $1,280.52 earlier successful today’s session, little than 24 hours aft hitting a precocious of $1,346.17.

ETH/USD – Daily Chart

As tin beryllium seen from the chart, the driblet comes arsenic ETH failed to prolong a breakout from its semipermanent ceiling of $1,300.

Overall, prices are down by astir 4% from yesterday’s peak, with the RSI presently tracking astatine 50.92, which is marginally supra a level astatine 50.00.

Bulls volition spot this arsenic a positive, and person hopes that today’s sell-off volition not proceed passim the remainder of the week.

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Do you judge ethereum volition autumn beneath $1,200 this week? Leave your thoughts successful the comments below.

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