Bitcoin and the crypto market trend to the upside on Wednesday. The Federal Reserve (FED) announced a raise rates by 25 basis points. The FED Chair Powell said at the news conference;

We are attentive to the risks of further upward pressure on inflation and inflation expectations. The committee is determined to take the measures necessary to restore price stability. The U.S. economy is very strong and well-positioned to handle tighter monetary policy.

Technical Analysis Of The Top Crypto

Bitcoin

Bitcoin is trading in a range but with recent bullish price action, with prices climbing above the Tenken-sen ($39,880), Kijun Sen level at $39,828 per coin, and below another cloud called Ichimoku Kumo ($41,025) that indicates where investors should look for potential buy zones.

Related Reading | Bitmain Rolls Out More Powerful And Energy-Efficient Bitcoin Mining Rig To Date

Bitcoin’s primary support level is $37,000 (low seen as of March 7th), and if the price falls below this level, it might revert into bear territory with possible drops down to $34,000/$32,950 (low of the January 24th )

If the cryptocurrency close above $41,700 today. However, there might probably be another rise to around $42,600 (high on March 9th) / $45,356 (200-dаy EMA) / $50,000. 

With the price of Bitcoin, it might be a good time to buy a dip at $40,000  with SL around $37,000 for TP of $50,000.

BTC Chart
Bitcoin started the day with a decline of .4% | Source: BTC/USD chart from Tradinview.com

Ethereum

Ethereum has oscillated within a tight trading range between 2,810 and $2,492 for the past week.

The…


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