Technical Analysis: Bitcoin and Ethereum Consolidate Recent Gains in Anticipation of FOMC Decision

Benito Cormi

Technical Analysis: Bitcoin and Ethereum Consolidate Recent Gains in Anticipation of FOMC Decision

Sep 20, 2023 9:54 AM

Bitcoin, Crypto, Crypto Analysis, Crypto Market, Crypto Predictions, Crypto Regulations, Crypto Technology, Ethereum, Financial

Bitcoin

Bitcoin began the day with a slight decrease in trading as investors anticipated the Federal Reserve’s decision on interest rates.

The BTC/USD pair dropped to a low of $26,918.32 on Wednesday after reaching a peak of $27,488.76 the previous day.

In addition to the interest rate decision, the Federal Open Market Committee (FOMC) will also release an economic forecast that could provide insight into future policy decisions.

Ethereum

Ethereum (ETH) also experienced a decline during today’s session, likely due to traders securing their profits.

After reaching a high of $1,669.02 on Tuesday, ETH/USD dropped to a low of $1,621.36 earlier in the day.

This drop brought the second-largest cryptocurrency close to a support level at $1,620.

The price has since rebounded and is currently trading at $1,631 as bulls reject a breakout.

A failed breakout attempt earlier may have contributed to the decline, as the relative strength index (RSI) failed to surpass 49.00.

The RSI currently sits at 45.72, and short sellers may target a floor of 40.00.

Hot Take: Crypto Markets Await Federal Reserve Decision

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The crypto markets experienced some downward pressure as traders awaited the Federal Reserve’s interest rate decision and economic forecast. Bitcoin and Ethereum both saw slight declines in their prices as investors opted to secure their profits before the announcement. However, overall market momentum remains bullish, with many anticipating potential future policy decisions based on the Fed’s economic forecast. Traders will continue to monitor these developments closely for insights into market trends and potential trading opportunities.

Benito Cormi

Author – Contributor at Lolacoin.org | Website

Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.