Bitcoin traded marginally higher before Wednesday's United States FOMC meeting. It is expected that the Federal Reserve would increase interest rates. Many expect the Fed to raise rates by more than 75 basis points, as inflation remains high. After briefly falling below $1300 Monday, Ethereum also rose.
Bitcoin (BTC), was slightly higher Tuesday as markets prepared for tomorrow's Federal Open Market Committee meeting (FOMC).
BTC/USD reached an intraday high price of $19,639.48 in today's session. This was after prices recovered from losses that began the week.
Bulls declined to move below yesterday’s floor of $18,645, and instead used this as a point for reentry.
The chart shows that today's gains have seen relative strength index (RSI), 14-day, move above yesterday's low of 38.00 points. Currently, the RSI is at 39.69.
Bulls could then attempt to reclaim the $20,000 level. However, market volatility and current levels of market volatility make this difficult.
The token trades at $19,117.06 as of writing. This is because earlier gains have been somewhat reduced, prior to rates decision.
Similar to bitcoin (ETH), ethereum also tried to move higher Tuesday after a move to a two month low yesterday.
The ETH/USD pair, which had a low of $1,287.72 at the beginning of the week, climbed to $1,388.27 later in the day.
Similar to BTC, ethereum bulls entered the market after a move below a critical support point. In this case, the floor at $1,315.
Despite the fact that the 14-day RSI remains in bearish territory or oversold territory at the moment, many believe that more declines are possible.
The index is currently tracking at 36.90. However, some traders could target a support level around 34.60.
Another reason to expect a move below $1,000 is the downward cross of moving averages.
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By: Eliman Dambell
Title: Bitcoin, Ethereum Technical Analysis: BTC Back Above $19,000 Ahead of FOMC Meeting
Sourced From: news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-back-above-19000-ahead-of-fomc-meeting/
Published Date: Tue, 20 Sep 2022 13:09:49 +0000