Bitcoin, Ethereum Technical Analysis: BTC Traders Jittery, as Federal Reserve Symposium in Jackson Hole Is Under Way

Bitcoin marginally declined during Friday’s session, concurrent with the ongoing Federal Reserve symposium successful Jackson Hole. The Chair of the Fed, Jerome Powell volition beryllium speaking astatine the yearly meeting, and providing guidance connected the upcoming argumentation decision. Ethereum besides consolidated today.

Bitcoin

Bitcoin concisely fell beneath the $26,000 level connected Friday, arsenic traders readied themselves for Jerome Powell’s speech.

BTC/USD dropped to an intraday debased of $25,914.93 earlier successful the day, pursuing a precocious of $26,406.15 connected Thursday.

The diminution saw bitcoin determination 1 measurement person to its caller enactment constituent of $25,600, a level it has tracked for astir of the week.

From the chart, the diminution comes aft the 14-day comparative spot scale (RSI) was incapable to determination beyond a ceiling of 30.00 during yesterday’s session.

As of writing, terms spot is tracking astatine 25.89, which remains highly oversold, and could beryllium heading adjacent lower, to a level of 20.00.

Ethereum

Ethereum (ETH) besides slipped today, arsenic the world’s 2nd largest cryptocurrency moved beneath a caller terms floor.

After trading astatine a precocious of $1,668.82 connected Thursday, ETH/USD bottomed retired astatine $1,641.63 earlier successful the day.

This resulted successful ETH sliding beneath a enactment level astatine $1,650, which has proven to beryllium a portion of precocious volatility.

Similar to BTC above, today’s driblet comes aft the RSI collided with a absorption constituent of 33.00 connected Thursday.

The scale present sits astatine a speechmaking of 30.66, with the adjacent level implicit 10.00 points away.

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Will marketplace consolidation extremity aft the Fed’s Jackson Hole meeting? Leave your thoughts successful the comments below.