Bitcoin and Ethereum technical analysis before FED
Bitcoin and Ethereum has showed some positive moves with the new year but before FED's decision cryptocurrencies are on hold.
Bitcoin continues to show sideways activity at the level of $23,000 before the FED rate decision to be announced this evening. A day when volatility will be high is expected, so it is useful to pay attention to the support and resistance levels.
Bitcoin and Ethereum technical analysis before FED
In the positive scenario, the $23,270 level is the first resistance level. A break of this level could support an upside move to $24,000 and then a rally to $25,200. In the negative scenario, $23,000 is an important support level, and if it fails to hold on to this level, it may bring a pullback to $21,550 after $22,300.Ethereum, unable to hold the $1,600 level, is priced at $1,570 in the morning.
When the four-hour chart is examined, Ethereum can be expected to hold the $ 1,540 level as the first support in a downward movement for Ethereum, which is moving in an ascending trend. If this level is broken, it may bring a pullback to the $1,460 levels. In an upward movement, it will be important to break the $1,600 level and make daily closes above it. Then the major downtrend line ($1,680) can be tested. Ethereum, unable to hold the $1,600 level, is priced at $1,570 in the morning. When the four-hour chart is examined, Ethereum can be expected to hold the $ 1,540 level as the first support in a downward movement for Ethereum, which is moving in an ascending trend. If this level is broken, it may bring a pullback to the $1,460 levels. In an upward movement, it will be important to break the $1,600 level and make daily closes above it. Then the major downtrend line ($1,680) can be tested.
