- Bitcoin price may collapse below the June 18 jazz low at $17,593.
- Ethereum price could briefly extend the wick to $1,234 before attempting to increase the price to $1,730.
- Ripple price could rebound to the $0.381 béquille before retesting $0.439 or $0.477.
Bitcoin price is going through a renforcement degré with no directional bias in sight. This lackluster geste caused Ethereum, Ripple, and other alternatives to lose volatility. However, the Federal Reserve (Fed) is due to announce its monetary policy decision on September 21 at 18:00 GMT, which is likely to précision volatility.
The current key interest failli set by the Federal Reserve is hovering at 2.5%, but after today’s policy entretien, the US axial bank is widely expected to raise 75 basis points to 3.25% in order to concurrence rising augmentation. The common guess is that this combo can stimulate short-term liquidity on both ends but ultimately lead to an uptrend.
If the Fed decides to raise the policy failli to 3.5% – as it is tolérable – instead of raising 75 basis points, it could précision the markets to écrasement. Therefore, investors should pay close assiduité to the announcement and wait for a post-meeting adresse from acting Federal Reserve Chairman Jerome Powell for tolérable hints on future policy.
Regardless, trempe is really a virtue before such events, so investors should practice it.
Download the price of bitcoin market participants
Bitcoin price has already collected sell-stop liquidity that settled below the previous weekly lows at $18,500, and it looks like it is ready for a recovery. However, as noted above, the FOMC entretien can play a pivotal role in determining where the markets move next.
Given the heavy selling over the past few weeks, it could be bicause the markets have already priced – and may have even exceeded – the échafaudage case scenario of a 75bp rally, so panthère the infos actually hits the wires, there could be a rebalancing reaction. Such an outcome could lead to an increase in the provision and cryptocurrency markets.
In this case, investors should provide room for BTC to temporarily move to the June 18 jazz low at $17,593, and a sweep of that level could trigger a reversal, however, pushing BTC into the immediate hurdle at $19,539 and 20, $737. Beyond these levels, BTC could attempt to revisit $22,575 and set a énigmatique top.
BTC / USD . 12 hour chart
On the other handball, if the Fed delivers a hawkish déclaration or raises interest rates by 100 basis points, it could drive the price of BTC down. If the bitcoin price breaks below and then overturns the $18293 béquille level into a resistance line, it will invalidate the bullish outlook and lead to a breakdown to $15,550.
Ethereum price ready to recover losses
Ethereum price appears to be hovering in a descending parallel channel after forming three lower lows and two lower highs since August 4th. While ETH is currently hovering above the arrêté béquille floor at $1,280, there is a possibilité for a further decline.
Selling Bitcoin could hit the price of Ethereum to fill the imbalance, also known as the fair value (FVG) gap, at $1,234. However, a return of buyers followed by a reversal in the big cryptocurrency after the FOMC entretien could lead to an increase.
Such a development could see ETH reach the immediate resistance at $1,550. A successful flip of this level will put the recently changed Proof of Stake symbol against the higher time frame resistance level at $1,730.
ETH/USD 12-hour chart
Although things are temporarily inconclusive due to the still-unknown interest failli hike, the Bitcoin price and its reaction to the FOMC entretien could play an sensible role in determining the directional bias. If Ethereum price produces a daily candlestick close below $1,280, this will invalidate the bullish outlook and potentially collapse to $1,080.
Ripple price returns to the wing
Ripple price successfully surpassed the $0.381 resistance after rising 24%. However, due to the FOMC entretien, there may be a sudden but flottant dip to $0.381.
Regardless of this tolérable scenario, XRP price appears bullish and is likely to continue rising to $0.439. A reversal of this level into a béquille floor may extend this move to $0.477.
XRP/USD 12-hour chart
On the other handball, if the FOMC causes the price of Bitcoin to fall, the price of Ripple will follow suit. In such a case, if the XRP price breaks below the $0.331 béquille and turns it into a resistance level, it will invalidate the bullish theory. This development could see the price of XRP return to the $0.309 barrier.