Tonight, the US central bank, the Federal Reserve (Fed), will release a new interest rate decision. It is almost certain that interest rates will remain at the same level, but the subsequent press conference is important. This will provide insight into what the Fed will do in the coming months. And this will undoubtedly have an effect on the prices.
It is therefore a perfect time for technical analyst Erik Juffermans from Newsbit to take a look at the prices of Bitcoin (BTC) and Ethereum (ETH) and see what the important levels are. It could be volatile tonight.
Bitcoin Creeps Towards Resistance
First we look at the Bitcoin price. On the four-hour chart we see the significant levels. The $90,000 level is the level the bulls need to conquer. With a favorable press conference, this level could already be tested tonight.
On the other hand, the level around $86,000 is currently acting as strong support. If the press conference disappoints the markets, this is a level to watch on the downside. Currently, BTC is trading at around $89,200 and is slowly creeping towards the $90,000 level.
These are the important levels for ETH
Ethereum shows a similar picture. The price is currently trading just below the important level of $ 3,050. This is the midpoint of the current range. We recently saw a strong reaction from the bottom of the range at $2,800.
But the level to overcome is that of $3,050. If that succeeds, the top of the range between $3,300 and $3,400 will be in focus.
If things disappoint tonight, the price could return to the bottom of the range.
Source: https://newsbit.nl/houd-deze-koersen-in-de-gaten-vanavond-voor-bitcoin-en-ethereum/
