Bitcoin, Ethereum Technical Analysis: BTC Fails to Breakout of $40,000 Resistance Level

On the eve of tomorrow’s FOMC meeting, bitcoin erstwhile again failed to ascent past its semipermanent absorption level of $40,000, arsenic markets consolidated. Although prices moved distant from caller support, upside momentum slowed arsenic BTC neared its ceiling. As of writing, ETH was trading astatine its level of support.

Bitcoin

Bitcoin came adjacent to breaking retired of its $40,000 absorption constituent connected Tuesday, arsenic markets prepared for tomorrow’s FOMC meeting.

Following a debased of $37,773.21 connected Monday, BTC/USD has truthful acold risen to an intraday precocious of $39,742.50 today.

Today’s precocious saw BTC connected the cusp of its ceiling, nevertheless with the existent volatility successful the market, spot turned to weakness arsenic prices dropped.

BTC/USD – Daily Chart

This driblet resulted successful BTC/USD falling to a debased of $38,310.21 earlier today, nevertheless it has since rebounded and is erstwhile again trading supra $39,000.

Looking astatine the chart, the RSI indicator is presently tracking astatine 47.9, which is marginally beneath absorption of 49.

Markets are apt waiting for the results of tomorrow’s meeting, and property conference, anterior to america seeing the adjacent upside oregon downside trend.

Ethereum

If determination were a cryptocurrency which encapsulates the existent uncertainty successful the market, it would beryllium ETH, which erstwhile again consolidated.

As of writing, ETH/USD is trading $10 supra its caller enactment level of $2,550, pursuing an earlier debased of $2,515.77.

The terms of ethereum has mostly consolidated successful the past fewer weeks, trading betwixt a level of $2,550 and ceiling of $2,840.

ETH/USD – Daily Chart

Despite the unusual breakout, this sideways enactment has led to the 14-day RSI besides tracking successful neutral territory, with neither bulls nor bears taking complaint of terms strength.

Like BTC, this could alteration tomorrow, arsenic the FOMC gathering could springiness crypto markets a consciousness of direction, erstwhile this existent monetary unreality is lifted.

Will a complaint hike beryllium beneficial to bulls oregon bears of cryptocurrencies? Leave your thoughts successful the comments below.

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