How will FED decisions affect cryptocurrencies?
Here are some Bitcoin and Ethereum scenarios that are likely to happen according to FED decisions.
On October 4, Bitcoin, which could not show the desired mobility, also created a symmetrical triangle formation. Bitcoin, which has risen up to $ 21,000 with the breaking of the upper band of the symmetrical triangle formation, is currently priced at $ 20400, in an important resistance zone ($ 15050 - $ 20500).
Volatility may increase in the markets before and after the FED's interest rate decision. However, in the positive scenario, it will be important for Bitcoin to sustain above the $ 20500 level. If it persists, an upward movement can be encountered at $21425 and then $22324 resistance levels.
How will FED decisions affect cryptocurrencies?
In the negative scenario, the psychological support level of $20,000 and then the 50-day moving average of $19720 can be expected to work as support in a downward movement. If it fails to hold these levels, a pullback to the $1940 and $18980 levels can be seen.Showing more positive activity than Bitcoin, Ethereum broke the minor falling trend (yellow line) on October 25 and increased by around 15% with an upward movement. Priced at $1570 for now, Ethereum tested the major downtrend (blue line) but was rejected.
In the negative scenario, $1459 as the first support level, followed by the 50-day moving average of $1395 can be expected to act as support with the downward movement. In the positive scenario, it will be important to make daily closes above $ 1595 first. In the activity above this level, the next resistance level can be encountered at $1676, which is both the 200-day moving average and the major downtrend.
