Market uncertainty in crypto was once again high on Thursday, as traders anticipate next week’s Fed decision. After falling to a one-month low during Wednesday’s session, BTC rebounded, with the price now hovering below $40,000. ETH also rebounded while attempting to break out of the $2,950 resistance area.
Bitcoin
BTC was back in the green on Thursday, as bulls bounced back from yesterday’s decline, taking the price to a one-month low.
BTC/USD traded as low as $38,555.90 on Wednesday, however the momentum picked up today, taking the price to an intraday high of $39,798.51.
This rally saw the world’s largest cryptocurrency retracing its long-term resistance at $39,700.
As historical uncertainty mounts on the bulls, gains have eased, with some opting to take profits for now rather than try to break above $40,000.
Looking at the chart, the 14-day RSI even broke its own resistance at 43, after a brief stint below 40, and is now moving towards a higher range of 45.
Today’s bulls, who haven’t given up on earlier positions, will likely see that 45 RSI level as an ideal point to exit when the price is likely to move above $40,000.
Ethereum
Thursday was also favorable for ETH bulls, as its long-term support at $2,780 proved to be enough to avoid a breakout once again.
ETH/USD climbed as high as $2,939.98 earlier in today’s session, which comes after the price dropped below $2,800 on Wednesday.
Moving away from its recent floor, today’s bounce saw the price move closer to resistance, although the rally was not strong enough to break the $2,950 ceiling.
At the time of writing, the second largest coin in the world is trading slightly above $2,900, with relative strength facing some hurdles.
Looking at the chart, the RSI is tracking at 43.70, which is slightly below the range of 44.20, and this will likely be the main obstacle in the way of further gains.
If this fence is cleared, we will be talking about ETH tracking a move not only above $3,000 but also towards $3,100.
Is next week’s Fed rate decision affecting crypto traders’ moves? Give your thoughts in the comment below.
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