BTC and ETH Slip 2% Before FOMC: Technical Analysis

BTC and ETH Slip 2% Before FOMC: Technical Analysis


Bitcoin drops below $27,000 ahead of the FOMC minutes report, with Ethereum also down 2%, as bearish pressure puts a stop to recent gains for both cryptocurrencies.

Bitcoin (BTC) was once more trading below a key resistance level of $27,000 on Wednesday, ahead of today’s United States Federal Open Market Committee (FOMC) minutes report. Markets are expecting that the minutes will show the Federal Reserve’s timeline towards a policy pivot. Ethereum (ETH) was 2 percent lower today.

Bitcoin

Bitcoin (BTC) (BTC) moved below $27,000 on Wednesday, as markets begin to prepare for the release of the following FOMC minutes report.

Following a high of $27,386.99 on Tuesday, BTC/USD dropped to a low of $26,671.98 earlier in today’s session.

The move comes following two days of consecutive profits, which pushed Bitcoin (BTC) to a one-week high.

Looking at the chart, the decline came as the relative strength index (RSI) of 14 days dropped below a support point at 42.00.

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At the time of this publication, the index is now tracking at 41.356, with a lower floor at 39.00 a possible target for bears.

If successful in reaching this level, BTC will likely be at the $26,300 mark.

Ethereum

Ethereum (ETH) (ETH) dropped by as much as 2 percent in today’s session, however bulls have so far rejected a breakout below the $1,800 level.

ETH/USD dropped to an intraday low of $1,811.79 on Wednesday, which comes a day after currently worth a peak of $1,869.34.

Similar to Bitcoin (BTC), today’s slippage sees bearish pressure put a stop to a mini-win streak for the world’s Second largest cryptocurrency.

Should this downwards pressure continue to win momentum, there is a good chance that ETH could move below $1,800 shortly.

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Price strength is as of now tracking at 46.09, with a floor at 44.00 a potential landing stop in the event of further declines.

Longstanding bulls will remain optimistic on the other hand, with an upwards crossover of the 10-day (red), and 25-day (blue) moving averages on the cusp of happening.

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