Bitcoin
Bitcoin (BTC) is continuing its decline as traders anticipate the upcoming FOMC minutes report. The price of BTC/USD dropped to an intraday low of $29,061.95, the lowest point since August 7. Despite an upward crossover between the 10-day and 25-day moving averages, the relative strength index (RSI) slipped towards a floor of 42.00.
Key Points:
- BTC/USD fell to an intraday low of $29,061.95, the lowest point since August 7.
- An upward crossover occurred between the 10-day and 25-day moving averages.
- The RSI slipped towards a floor of 42.00, indicating a bearish signal.
- The RSI is currently tracking at 44.49, a seven-day low.
Ethereum
Ethereum (ETH) also experienced a decline for the second consecutive session. Following a high of $1,842.95 on Tuesday, ETH/USD dropped to an intraday low of $1,816.33. The RSI for ethereum broke out of its support level at 41.00 and is now tracking at 40.83. The next visible point of support is at 39.00, potentially leading to ETH trading around $1,780.
Key Points:
- ETH/USD dropped to an intraday low of $1,816.33, a one-week low.
- The RSI for ethereum broke out of its support level at 41.00.
- The RSI is currently tracking at 40.83.
- The next visible point of support is at 39.00.
Hot Take: The decline in both bitcoin and ethereum prices indicates a bearish sentiment in the crypto market. Traders are closely watching the FOMC minutes report for further insights into the future direction of these cryptocurrencies. It is essential for investors to monitor key technical indicators, such as moving averages and the RSI, to make informed decisions in this volatile market.
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