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Bitcoin, Ethereum Technical Analysis: BTC Remains Below $27,000, Ahead of Powell Speech Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Remains Below $27,000, Ahead of Powell Speech

Bitcoin once again fell below the $27,000 level on Friday, ahead of a panel discussion which includes Fed Chair Jerome Powell. Powell will be holding a discussion with former Chair Ben Bernanke at a conference in Washington. Ethereum was marginally lower today.

Bitcoin

Bitcoin (BTC) dropped below the $27,000 mark on Friday, ahead of a panel discussion which will include Fed Chair Jerome Powell.

Markets anticipate some forward guidance from Powell regarding future decisions that the Federal Reserve could take in coming months.

Following a high of $27,466.53 on Thursday, BTC/USD dropped to an intraday low of $26,415.10 earlier today.

Bitcoin chart by TradingView

The move, which saw the price fall by over $1,000, pushed bitcoin towards a key price floor at $26,300.

Friday’s slippage occurred as the 14-day relative strength index (RSI) once again dropped below a resistance of its own at the 42.00 mark.

Price strength is now tracking at 40.83, with bears possibly targeting a support point at the 38.00 zone.

Ethereum

Ethereum (ETH) was also in the red in today’s session, with prices briefly breaking out of the $1,800 level.

ETH/USD fell to a bottom at $1,774.20 on Friday, which comes a day after hitting a high of $1,826.90.

The drop in price resulted in ethereum falling below a floor at $1,790. However, it has since rebounded.

Ethereum chart by TradingView

Similar to BTC, ethereum’s RSI was unable to break out of a resistance point at 45.00, and is now at a reading of 44.83.

A sign of hope for bulls comes in the form of the 10-day (red) moving average, which moved closer to a crossover with its 25-day (blue) counterpart.

Should this occur, there is a reasonable chance that ETH could climb towards $1,900.

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Will Powell’s speech have an impact on markets? Leave your thoughts in the comments below.

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