24hoursworld

Cryptocurrencies: what to expect after the next Fed announcement

Cryptocurrencies: what to expect after the next Fed announcement

Based on the latest scenario, the $20,800 level within the resistance zone can be followed as the biggest hurdle for BTC at the moment.

On the other hand, an eventual loss of support at $20,140, ​​followed by hourly closes below the psychological level of $20,000, could also add to the selling panic, dissipating this week’s positive mood. .

If this possibility materializes, expect BTC to return to the $18,500-$19,500 zone.

Aside from the technical scenario, traders should note that the US Federal Reserve will announce an interest rate tightening, which is likely to increase volatility before and after the meeting.

Although the US central bank is expected to raise interest rates by 75 basis points, the market would welcome a rise in interest rates below this rate, which would send cryptocurrency prices skyrocketing.

However, if the decision comes in line or above expectations, crypto assets can be expected to plunge below $19,500 based on past moves of volatility to come.

And Ethereum?

After breaking the resistance of $1,550, Ethereum experienced a rapid rally and reached $1,590. Only to reverse down to the $1,500 zone.

In the continuation of the upward movement, the next resistance price will be followed at $1,660.

On the other hand, if the selling that has been going on since yesterday continues predominantly today, the $1,470 – 1,430 – $1,380 levels should function as the closest support levels below $1. 500.

Consequently, the $1,500 price on the Ethereum market remains a major support. Movements around this price can be decisive for the direction of the cryptocurrency. Also, In the volatile price movement that may occur in the coming days, it will be crucial for ETH to hold the $1,350-$1,400 range so as not to add to losses further.

Source: Ambito

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts