Bitcoin and Altcoins Attempting Comeback as Traders Expect Fed to Hold Rates Steady
Discover the latest price movements and analysis for Bitcoin, altcoins, and the stock market as traders anticipate the Federal Reserve's decision on interest rates. Will the positive momentum continue or will bears exert downward pressure? Find out here.
Posted 10 months ago in Market Analysis
Bitcoin and select altcoins are attempting to make a comeback as traders expect the Federal Reserve to hold rates steady during its meeting this week. The positive momentum has picked up further at the start of the new week, with buyers trying to sustain Bitcoin’s price above $27,000. Market participants seem buoyant on expectations that the Fed funds rate will remain at the current level. This positive sentiment has not adversely impacted the price of Bitcoin. However, traders need to be careful as the last 10 days in September tend to favor the bears, according to historical data. Let's analyze the charts to find out if Bitcoin and altcoins can extend their recovery or if bears will pull the price lower.
The S&P 500 Index broke above the moving averages on September 14 but faced resistance at the downtrend line. If the bulls want to gain the upper hand in the market, they will have to drive the price above the downtrend line and overcome the minor resistance at 4,542. Meanwhile, the US Dollar Index continues to grind higher and could face resistance at 106. If the price turns down sharply from this level, it will suggest that bears are defending aggressively. For Bitcoin, the bulls have flipped the level above the 20-day EMA to support, and buyers are pushing the price above the 50-day SMA. However, the bears are expected to pose a strong challenge in the zone between the 50-day SMA and the overhead resistance at $28,143.
Ether has seen a positive breakout above the overhead resistance on September 18, with the 20-day EMA flattening out. The bulls could target the 50-day SMA and $1,750 if they sustain the price above the 20-day EMA. BNB is showing weakened bearish momentum as it rose above the 20-day EMA on September 17. The price could reach the 50-day SMA, but a turn down from this zone could result in consolidation between $200 and $235. XRP is facing selling near the 20-day EMA, but the bulls are still trying to push the price above it. A break above this level could lead to a rally to $0.56.
Cardano is currently trading in a range and may experience a breakout. Positive divergence on the RSI suggests that selling pressure is reducing. The ADA/USDT pair could rally to $0.28 if the price resolves to the upside. Dogecoin is also stuck between the 20-day EMA and the horizontal support, and a breakout in volatility could lead to a significant move. TON is facing resistance near $2.59, but if bulls can push the price above it, a rally to $3 is possible. Solana broke above the resistance at $19.47 and aims to reach the overhead resistance at $22.30.
It is important to note that this article does not provide investment advice or recommendations. Traders should conduct their own research before making any trading decisions.
Last updated 9/18/2023, 10:26:36 PM
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