Bitcoin, Ethereum Technical Analysis: BTC Falls Below $24,000 Ahead of FOMC Minutes

Bitcoin (BTC) extended its recent losses on Wednesday as markets certainly anticipate the upcoming Federal Open Market Committee report. Today’s report will focus on the Federal Reserve’s current outlook for the US economy after last month’s 25 basis point hike. As a result, BTC/USD fell to a hump-day low of $23,902.54 in less than 24 hours, after reaching a high of $24,824.10, and this decline has continued since the breakout and before. The 14-day Relative Strength Index (RSI) is correcting lower from a support at 61.00 as the price declined below $24200.
Currently, the index is tracking a reading of 59.24 which is its lowest point since February 14. A floor at 58.00 awaits the remaining bulls which could potentially help in reducing the current decline in the price.
Ethereum (ETH) was in the red for the second consecutive session and in the process broke out of its key resistance levels. After hitting a high of $1,682.78 on Tuesday, ETH/USD slipped to a low of $1,628.69 earlier in the day. Today’s decline appeared as Ethereum broke below a long support point of $1,675 with $1,625 acting as an interim floor and after reaching this point the bulls took some control of the market. Entered again, Ethereum is now trading at $1,643.32. The price has fallen strongly and with a floor of 57.00 earlier in the session, the Relative Strength Index is now tracking at 53.76. Overall we can estimate that Ethereum is still trading about 6 percent higher than the same time last week.


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