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In the wake of the Federal Reserve’s decision to hold interest rates steady, cryptocurrency prices were volatile on Thursday. Bitcoin and ethereum both showed price uncertainty, as markets now expect an increase in March.
Bitcoin Technical Price Analysis
In today’s session, BTC/USD fell to a low of $35,690.05 after making a run towards the $40,000 resistance on Wednesday.
A doji candlestick means prices are neither bullish nor bearish, which is typical of a move that comes amid increased market uncertainty within crypto.
Due to this uncertainty, market strength now hovers around the 30 RSI level, which means we remain in oversold territory.
The RSI level appears to be a point of resistance, which may explain why today’s prices are inaction, causing traders to wait to see if a breakout has been planned.
With the current ascending triangle, short-term momentum points upward, which keeps hopes alive for a $40,00 resistance target.
BTC/USD – Daily Chart
As we move into the weekend, many will be watching carefully to see if this momentum continues.
Ethereum Technical Price Analysis
Nearly 5% of ETH was trading lower than yesterday’s high, but prices seemed to be consolidating, as opposed to falling.
ETH/USD prices fell to $2,366.13 today after reaching a high of $2,705.78 on Wednesday, which briefly broke through the Fibonacci 0.236 resistance level.
A price drop this week saw markets hit what appears to be a short-term support point at $2.390, which has been the most active area for ETH this week.
Taking a look at its current RSI trend, it has some similarities to BTC, tracking at or below 30 both times.
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Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
