2023-08-26 20:24:01
Bitcoin, Ethereum Technical Analysis: BTC Largely Unchanged, Despite Fed Chair Powell’s Inflation Warning
Bitcoin remained largely unchanged
on Saturday, as markets were mostly unmoved by comments from the
Federal Reserve’s chair, Jerome Powell. Speaking at the annual Jackson
Hole symposium, Powell hinted that more hikes were in the cards.
Ethereum moved back towards a recent support point.
Bitcoin continued to trade near the
$26,000 region to start the weekend, as markets failed to react to Jerome
Powell’s comments at the Jackson Hole symposium.
Powell stated that,
“We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.” BTC/USD fell to an intraday low of
$25,914.93 on the comments, following Friday’s high at
$26,406.15.
Price has since moved back above
$26,000, as the relative strength index (RSI) began to trend sideways.
As of writing, price strength is now tracking at
25.71, which is closer to a ceiling of
29.00 than a floor of
20.00.
Should the index move beyond the
29.00 level, there could be more bulls reentering the market.
In addition to BTC, ethereum (ETH) edged lower on Saturday, as traders were underwhelmed by yesterday’s speech by the Fed chair.
Following a peak at
$1,665.14 during yesterday’s session, ETH/USD dropped to a bottom of
$1,641.63 earlier in the day. As a result of the decline, the world’s second largest cryptocurrency moved below a support point of
$1,650.
This week has seen ETH mostly trade between a low of
$1,580 and a high of
$1,690, with some occasional breakouts. For bulls, a surge will need to occur at the resistance level of
33.00 on the RSI, in order for momentum to truly shift upward.
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