The largest cryptocurrency, Bitcoin, briefly lost ground when its price sell-off fell below its $30 thousand mark. The sub-$30k price range triggered a small $28,897 before prices began to slowly recover to $29,115. However, a close eye on the 50-day EMA reveals it’s still possible for Bitcoinn prices to drop even lower in the upcoming day.
Adding to the resistive downtrends, Ethereum traders may want to carefully watch as its Relative Strength Index maps out the waning’s of its past bullish gains. This may spell out a chance for profit to the shorts, if prices slip persistently below $29,000 in the near future.
With the outcome of the US Federal Reserve’s FOMC meeting slated this Tuesday, a large influx of economic news few weeks could affect how investors respond to their portfolios. Taken into account with the consumer confidence index to be release Tuesday, a steady jobless report on Thursday, as well as the personal Consumption Expenditures report due on Friday, it seems an advantageous window for traders to watch closely any sudden changes to the market.
In addition to this explosion of macro news, analysis on Bitcoin’s network on-chain reads that the hashrate is currently experiencing stagnation. However the boost in security on the network shows an indisputable increase in BTC’s value when confidently tracked. Along with the benefit of increased security, the expected cashing out from miners post halt could yield a short window for profit; as prices rebound trhough subsequent adjustment.
