In short: Bitcoin trades just below $26,000 ahead of an important week of economic events, with the US Federal Reserve meeting being in the spotlight. The best level that bitcoin has reached in today's session is $26,203. The 10-day moving average of Ethereum remains decreasing as the RSI sits at 38.00, close to the oversold area and sellers' radar could lead to a floor at 31.00. There are concerns whether Ethereum will fall below $1,700 this week.
Our quick analysis:
Bitcoin and Ethereum, the two most popular cryptocurrencies, are experiencing a bumpy ride in the markets as they trade at uncertain levels. With the upcoming Federal Reserve meeting, the fate of these currencies hangs in the balance.
Bitcoin, currently at $26,000, is struggling to push past the $26,300 resistance level, with market sentiment remaining largely bearish. According to the relative strength index (RSI) which is tracking close to a level of resistance, the situation is not looking great either. This has resulted in a dip in the 10-day (red) moving average, which has only intensified the bearish sentiment.
On the other hand, Ethereum is trading at a multi-month low of $1,722.91, remaining below the $1,800 mark as well. Despite bouncing back from weakness since March 28, the 10-day (red) moving average has finally crossed its 25-day (blue) counterpart. While the RSI is currently tracking at 38.00, it remains around the oversold region, calling for a price strength push past $1,800.
The cryptocurrency world remains tumultuous, with market trends falling in favor of sellers. However, with the market dynamics constantly shifting, the fate of Bitcoin and Ethereum continues to remain undecided. As always, we can only wait and see where these currencies head next.
Whether these currencies will fall below $1,700 this week remains to be seen. What do you think? Let us know in the comments below.
Disclaimer: This blog post is not financial advice and should not be taken as such. The content presented in this article is purely for educational and informative purposes only.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
Bitcoin and Ethereum, the two most popular cryptocurrencies, are experiencing a bumpy ride in the markets as they trade at uncertain levels. With the upcoming Federal Reserve meeting, the fate of these currencies hangs in the balance.
Bitcoin, currently at $26,000, is struggling to push past the $26,300 resistance level, with market sentiment remaining largely bearish. According to the relative strength index (RSI) which is tracking close to a level of resistance, the situation is not looking great either. This has resulted in a dip in the 10-day (red) moving average, which has only intensified the bearish sentiment.
On the other hand, Ethereum is trading at a multi-month low of $1,722.91, remaining below the $1,800 mark as well. Despite bouncing back from weakness since March 28, the 10-day (red) moving average has finally crossed its 25-day (blue) counterpart. While the RSI is currently tracking at 38.00, it remains around the oversold region, calling for a price strength push past $1,800.
The cryptocurrency world remains tumultuous, with market trends falling in favor of sellers. However, with the market dynamics constantly shifting, the fate of Bitcoin and Ethereum continues to remain undecided. As always, we can only wait and see where these currencies head next.
Whether these currencies will fall below $1,700 this week remains to be seen. What do you think? Let us know in the comments below.
Disclaimer: This blog post is not financial advice and should not be taken as such. The content presented in this article is purely for educational and informative purposes only.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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