Jamal Al-Farouq Bitcoin and Ethereum experienced slight upward movements on Friday as traders shifted their focus to the upcoming Federal Reserve meeting next week. Market participants anticipate that the Federal Reserve will maintain interest rates at their current levels, marking the first time in over a year. Ethereum, specifically, remained above the support level of $1,830.
Bitcoin:
During Friday’s trading session, Bitcoin (BTC) saw a marginal increase as traders began to consider the implications of the upcoming Fed rate decision.
After reaching a low of $26,339.32 on Thursday, BTC/USD surged to an intraday high of $26,797.51 earlier today.
This upward movement occurred as bulls found support at the $26,300 price floor, setting their sights on a potential target of $27,200.
To approach this target, Bitcoin’s 14-day relative strength index (RSI) needs to surpass the resistance level at 47.00.
Currently, the RSI stands at 46.21, with Bitcoin trading around the $26,600 level.
Despite the optimistic sentiment among bulls, the 10-day moving average (red) remains in a downtrend following its crossover with the 25-day moving average (blue).
Ethereum:
Alongside Bitcoin, Ethereum (ETH) also saw modest gains on Friday after encountering its own support level.
ETH/USD reached a peak of $1,861.14 during today’s session, bouncing back from a recent low of $1,831.26 within the last 24 hours.
Unlike Bitcoin, Ethereum’s moving averages have yet to cross, which provides hope for long-term bulls anticipating potential future gains.
Additionally, the RSI for Ethereum has avoided a breakout below the support level at 47.00 and is currently at a reading of 48.23.
The next target for Ethereum appears to be the 52.00 mark, and if achieved, it is likely that Ethereum will surpass $1,900.
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Please share your thoughts in the comments regarding your expectations for the Federal Reserve’s interest rate decision next week.
Table Of Contents
Frequently Asked Questions (FAQs) about Technical Analysis
What is the focus of this article?
The focus of this article is on the technical analysis of Bitcoin and Ethereum, as traders prepare for the upcoming Federal Reserve meeting.
What are traders expecting from the Federal Reserve meeting?
Traders are expecting that the Federal Reserve will keep interest rates unchanged for the first time in over a year.
What is the current price level for Ethereum?
Ethereum is currently trading above a support level at $1,830.
What are the potential price targets for Bitcoin?
The potential price target for Bitcoin is a ceiling at $27,200, with bulls aiming to surpass the $26,300 price floor.
How are the moving averages for Bitcoin and Ethereum behaving?
For Bitcoin, the 10-day moving average remains in a downtrend after crossing with the 25-day moving average. As for Ethereum, the moving averages have yet to cross.
What is the next target for Ethereum?
The next target for Ethereum is the $1,900 level, which could be achieved if the RSI surpasses the 52.00 mark.
How can I receive weekly price analysis updates?
To receive weekly price analysis updates, you can register your email for the Weekly Technical Analysis Report mentioned in the article.
More about Technical Analysis
- Bitcoin Technical Analysis
- Ethereum Technical Analysis
- Federal Reserve Official Website
- RSI Indicator Explained
- Moving Averages Guide
- Weekly Technical Analysis Report Registration
1 comment
BTC & ETH showing slight gains. Bulls are eyeing higher targets, while moving averages signal mixed trends. Keep an eye on those support levels! #TechnicalAnalysis