Bitcoin, Ethereum Technical Analysis: BTC Below $19,000 Following FOMC Minutes
Bitcoin was trading below $19,000 on Thursday, as markets reacted to the latest Federal Open Market Committee (FOMC) minutes. In the minutes, the Federal Reserve hinted at upcoming hikes, while also acknowledging a level of surprise at the rate at which inflation has risen. Ethereum moved below $1,300 in today’s session.
Bitcoin
Bitcoin (BTC) was back in the red on Thursday, as markets reacted to the latest Federal Open Market Committee (FOMC) minutes.
September’s minutes showed that the U.S. Federal Reserve was relatively surprised at the rate at which inflation has risen, whilst also signaling the prospect of upcoming rate hikes.
As a result of the report, BTC/USD fell to an intraday low of $18,642.11, after a brief rally in yesterday’s session.
Today’s sell-off takes the token to its lowest point since September 28, and close to a support of $18,600 in the process.
Looking at the chart, the 14-day relative strength index (RSI) has also broken out of its floor at 41.00, which could be a sign of further bearish pressure.
So far, the token has marginally rebounded from earlier lows, and as of writing, is trading at $18,714.45.
Ethereum
In addition to BTC, ethereum (ETH) was also lower on Thursday, as the token slipped below a key mark of its own.
The world’s second largest cryptocurrency fell below $1,300 earlier in today’s session, hitting a low of $1,232.93 in the process.
Like with bitcoin, this is the lowest price that ETH/USD has hit since late-September, and should it move below this, it will hit a bottom not seen since July.
Yesterday’s upwards crossover between the 10-day (red) and 25-day (blue) moving averages now seems to be shifting course, following today’s drop.
A slight position for ethereum bulls, is that the token has moved away from the day’s low, following a collision with a support point of $1,235.
Overall, price volatility continues to remain high, with a strong possibility of ETH falling below $1,200 in the coming hours or days.
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Will today’s low be the bottom for ethereum this week? Leave your thoughts in the comments below.
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