Bitcoin and other crypto tokens were trading higher on Wednesday ahead of the Federal Reserve’s policy meeting due later today, where the US central bank is expected to make no changes in the interest rates. The ether-to-bitcoin ratio dropped to a 14-month low. Ethereum co-founder Vitalik Buterin, moved coins to crypto exchanges, possibly as a prelude to selling, said experts.
Bitcoin has climbed above $27,000 ahead of the FOMC meeting today.The price action has experienced a valid bullish entry.
Upside momentum could potentially drive the price towards the resistance level of $27,785 (200-day MA). A Break above could make the asset test $28,000.
Image: Chart-BTC
BTC’s RSI is currently hovering around 60 and has started moving sideways, implyinga diminishing selling pressure. In case of a drop, the most recent low ($26,650) serves as an early support level, with the $25,750zone providing the next line of defence.
Major Levels:
Support: $26,650, $25,750
Resistance: $27,785, $28,812(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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