Bitcoin traded marginally higher Wednesday as the Fed meeting approached. ETH also rebounded in today’s session, moving away from its long-term support level in the process.
Bitcoin
BTC was trading higher on Wednesday, as bulls re-entered the market ahead of today’s Federal Reserve rate decision.
Following a floor of $37,585.62 during Tuesday’s session, BTC/USD rallied to an intraday peak of $39,095.11 earlier today.
Bitcoin used its $37500 recent support as a springboard to make the move, and it bounced back towards this week’s highest level.
A herd of bulls pushed through the gate and surpassed the major ceiling at the RSI indicator to create this rebound.
The chart shows that this resistance is at 42.20. Since the breakout price strength has been tracking at its highest point since April 21.
Now at 45.50 there is a ceiling at 48.70. It will most likely test the current bullish momentum. There are likely to be some who make profits and then exit their positions.
Ethereum
On Fed Day, the price of ethereum was also slightly higher as it moved away from long-term support.
Wednesday has so far seen ETH/USD hit an intraday high of $2,876.42, which is around 0.9% higher than yesterday’s bottom at $2,762.12.
The price of gold fell to $2,780 at the time. But history repeats itself. Bulls entered at this level again, just like so many other times.
The ETH price chart, similar to BTC is tracking near a ten-day peak. But, there may be a ceiling that will limit further progress.
This chart illustrates that the ceiling is at the 47.70 Relative Strength Index level. But hitting this point will be sufficient to bring the price up to $2,950.
We will need more bulls in order to overcome the resistance and move above $3,000
Is crypto trading being affected by a rate increase? Please leave your comments.
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