Bitcoin remained organized early in Tuesday’s session as markets prepare for Fed Chairman Jerome Powell’s testimony this afternoon. The head of the U.S. Federal Reserve is scheduled to speak before the Senate Banking Committee later in the day. Ethereum was also mostly flat as it traded near a support point.
Bitcoin
Bitcoin (BTC) continued to trade sideways on Tuesday as market uncertainty remained high ahead of Fed Chair Powell’s testimony.
Many believe Powell will provide some guidance on the Federal Reserve’s current thinking and how aggressive it will be at its next meeting.
BTC/USD fell to a low of $22,356.62 earlier in the day, less than 24 hours after trading as high as $22,584.29.
The chart shows that in today’s action, the world’s largest cryptocurrency continues to trade above the $22,300 floor.
This coincides with the 14-day Relative Strength Index (RSI) also hovering above its own support point of 42.00.
As of this writing, the index is hovering at 43.23, and if Powell gives the market reason for optimism, the upper limit of 49.00 could be a potential target for bullish forces.
Ethereum
Additionally, Ethereum (ETH) is also largely flat in today’s session, with prices trading near recent support points.
Following a weekly high of $1579.46,ETH/USD fell to an intraday low of $1561.44 earlier in today’s session.
As a result of this move, Ethereum narrowly avoided a collision with the $1,560 floor, and prices rose modestly as the day wore on.
Currently,ETHis trading at $1,567.62, as the RSI bounced off the 44.00 support point.
At the time of this writing, price strength is hovering at 44.77 and could be headed for a ceiling at 47.00 if sentiment changes.
Overall bearish momentum continues as the 10-day moving average (red) continues to extend its crossover with the 25-day moving average (red).
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