On the eve of tomorrow’s FOMC meeting, bitcoin once again failed to climb past its long-term resistance level of $40,000, as markets consolidated. While prices pulled away from the support of recent, there was a slowing in upside momentum as BTC approached its ceiling. ETH trades at support levels as of the writing of this article.
Bitcoin
Bitcoin came close to breaking out of its $40,000 resistance point on Tuesday, as markets prepared for tomorrow’s FOMC meeting.
After a Monday low of $37.773.21, BTC/USD rose to an intraday peak of $39.742.50 today.
Today’s high saw BTC on the cusp of its ceiling, however with the current volatility in the market, strength turned to weakness as prices dropped.
BTC/USD fell to $38,310.21 today. However, it has rebounded since then and trades above $39,000.
The chart shows the RSI indicator tracking at 47.9 at the moment, just marginally above the resistance at 49.
Markets are likely waiting for the results of tomorrow’s meeting, and press conference, prior to us seeing the next upside or downside trend.
Ethereum
If there was a crypto that would capture uncertainty, it would likely be ETH. It has been consolidated once again.
After a low point of $2515.77, the ETH/USD price is now trading at $10, just above its current support level of $2550.
Ethereum’s price has been consolidating in recent weeks. It traded at a ceiling of $2.840 and a floor of $1,550.
Despite occasional outliers, this sideways action led to the 14 day RSI remaining in neutral territory. Neither bulls nor bears have taken charge of price strength.
As with BTC, it could all change in the future. After lifting the current monetary cloud, crypto markets could feel a direction from FOMC.
Are crypto-bears more likely to benefit from a rate rise than the bulls? Please leave your comments.
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