BTC And ETH Falls From 5-Week High as Traders Continue to Digest
Hello, welcome to this BTC And ETH DAILY chart update by @CRYPTOSANDERS.
I have tried to bring the best possible outcome to this chart.
CHART ANALYSIS:-Bitcoin ( BTC ) was again trading below $18,000, as bears reentered the market following the latest Fed meeting.
Following a move to a five-week high of $18,318.53 on Wednesday, BTC/USD slipped to an intraday low of $17,642.51 earlier today.
The drop seemingly comes as traders moved to secure profits, after recording three straight days of gains.
Looking at the chart, this reversal in price coincided with the 14-day relative strength index (RSI) failing to break out of a ceiling at 60.00
The index is tracking at the 57.17 mark, with the next visible point of support at 54.00.
Should price strength find its way to this floor, it is likely that BTC will be trading close to the $17,200 point.
CHART ANALYSIS:-Ethereum (ETH) also moved lower on Thursday, following the U.S. Federal Reserve’s decision to hike rates by 0.5%.
After the decision, Fed Chair Jerome Powell gave some market guidance stating that they “are getting close to the level we think sufficiently restrictive.”
ETH/USD fell to a bottom of $1,280.52 earlier in today’s session, less than 24 hours after hitting a high of $1,346.17.
As seen from the chart, the drop comes as ETH failed to sustain a breakout from its long-term ceiling of $1,300.
Overall, prices are down by nearly 4% from yesterday’s peak, with the RSI currently tracking at 50.92, which is marginally above a floor of 50.00.
Bulls will see this as a positive and have hopes that today’s sell-off will not continue throughout the rest of the week.
This is not a piece of financial advice.
Hit the like button if you like it and share your charts in the comments section.
Thank you
I have tried to bring the best possible outcome to this chart.
CHART ANALYSIS:-Bitcoin ( BTC ) was again trading below $18,000, as bears reentered the market following the latest Fed meeting.
Following a move to a five-week high of $18,318.53 on Wednesday, BTC/USD slipped to an intraday low of $17,642.51 earlier today.
The drop seemingly comes as traders moved to secure profits, after recording three straight days of gains.
Looking at the chart, this reversal in price coincided with the 14-day relative strength index (RSI) failing to break out of a ceiling at 60.00
The index is tracking at the 57.17 mark, with the next visible point of support at 54.00.
Should price strength find its way to this floor, it is likely that BTC will be trading close to the $17,200 point.
CHART ANALYSIS:-Ethereum (ETH) also moved lower on Thursday, following the U.S. Federal Reserve’s decision to hike rates by 0.5%.
After the decision, Fed Chair Jerome Powell gave some market guidance stating that they “are getting close to the level we think sufficiently restrictive.”
ETH/USD fell to a bottom of $1,280.52 earlier in today’s session, less than 24 hours after hitting a high of $1,346.17.
As seen from the chart, the drop comes as ETH failed to sustain a breakout from its long-term ceiling of $1,300.
Overall, prices are down by nearly 4% from yesterday’s peak, with the RSI currently tracking at 50.92, which is marginally above a floor of 50.00.
Bulls will see this as a positive and have hopes that today’s sell-off will not continue throughout the rest of the week.
This is not a piece of financial advice.
Hit the like button if you like it and share your charts in the comments section.
Thank you
