Bitcoin, Ethereum Technical Analysis: BTC Traders Jittery, as Federal Reserve Symposium in Jackson Hole Is Under Way
Bitcoin marginally declined during Friday’s session, concurrent with the ongoing Federal Reserve symposium in Jackson Hole. The Chair of the Fed, Jerome Powell will be speaking at the annual meeting, and providing guidance on the upcoming policy decision. Ethereum also consolidated today.
Bitcoin
Bitcoin briefly fell below the $26,000 level on Friday, as traders readied themselves for Jerome Powell’s speech.
BTC/USD dropped to an intraday low of $25,914.93 earlier in the day, following a high of $26,406.15 on Thursday.
The decline saw bitcoin move one step closer to its recent support point of $25,600, a level it has tracked for most of the week.
Bitcoin chart by TradingView
From the chart, the decline comes after the 14-day relative strength index (RSI) was unable to move beyond a ceiling of 30.00 during yesterday’s session.
As of writing, price strength is tracking at 25.89, which remains highly oversold, and could be heading even lower, to a floor of 20.00.
Ethereum
Ethereum (ETH) also slipped today, as the world’s second largest cryptocurrency moved below a recent price floor.
After trading at a high of $1,668.82 on Thursday, ETH/USD bottomed out at $1,641.63 earlier in the day.
This resulted in ETH sliding below a support level at $1,650, which has proven to be a zone of high volatility.
Ethereum chart by TradingView
Similar to BTC above, today’s drop comes after the RSI collided with a resistance point of 33.00 on Thursday.
The index now sits at a reading of 30.66, with the next floor over 10.00 points away.
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Will market consolidation end after the Fed’s Jackson Hole meeting? Leave your thoughts in the comments below.
