Bitcoin remained in consolidation earlier in the session on Tuesday as markets prepared for testimony this afternoon from Fed Chairman Powell. The head of the US Federal Reserve will speak in front of the Senate Banking Committee later that day. Ethereum was also largely unchanged as it traded near a support point.
Bitcoin
bitcoin (BTC) continued to trade sideways on Tuesday as market uncertainty remained high ahead of Fed Chairman Powell’s testimony.
Many believe Powell will provide guidance on current Fed thinking and how aggressive they can be at their next meeting.
BTC/USD fell to a low of $22,356.62 earlier in the day, less than 24 hours after trading at a high of $22,584.29.
Looking at the chart, today’s move shows that the world’s largest cryptocurrency continues to trade above a floor at $22,300.
This coincides with the 14-day RSI which is also above its own support point at 42.00.
As of this writing, the index is at 43.23, with a ceiling at 49.00, a potential target for bulls, should Powell give markets a reason to be bullish.
Ethereal
Also, ethereum (ETH) was also largely unchanged in today’s session, with prices trading near a recent support point.
After a maximum of $1,579.46 to start the week, ETH/USD fell to an intraday low of $1,561.44 earlier in today’s session.
As a result of the move, Ethereum narrowly avoided a collision with a $1,560 floor, and prices rallied slightly higher as the day progressed.
At the moment, ETH It is trading at $1,567.62, which comes as the RSI bounced from its own support point at $44.00.
At the time of writing, price strength is at 44.77, with a ceiling at 47.00, a possible target should sentiment change.
Overall, momentum remains bearish as the 10-day moving average (red) continues to extend a cross with its 25-day counterpart (red).
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