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Cryptocurrency world will experience a week full of news from the US. Before that, analysts continue to provide evaluations. Analyst Jelle shared his views on the current state of the cryptocurrency markets by focusing on two main assets. The cryptocurrencies analyzed are INJ and Bitcoin (BTC). Jelle’s analysis is based on technical indicators and the anticipation of market-moving events like the Federal Open Market Committee (FOMC) meeting.
Jelle’s INJ Commentary
Jelle first addresses INJ and notes that the cryptocurrency has recently turned the 50-day Exponential Moving Average (EMA) into a support level. This is significant as it indicates a potential shift from a bearish to a bullish trend.
INJ also broke its downtrend and confirmed a trend line as support, contributing to its bullish outlook. Despite these positive signs, INJ is still consolidating just below a significant resistance level. Jelle suggests that breaking this resistance level to $32 could signal further bullish momentum and potentially lead another leg of the market cycle.
Volatility Approaches for Bitcoin
Moving on to Bitcoin, Jelle notes that BTC is in the process of reclaiming its lower time frame trend. He expects some price volatility or “swings” later in the day. He advises market participants to be patient and to anticipate potential significant price movements, especially considering the FOMC event.
Jelle points out that the last four FOMC meetings have marked local bottoms for Bitcoin and triggered rallies exceeding 20%. This historical pattern suggests that today’s FOMC meeting could once again have a positive impact on the market.
BTC Could Be on the Verge of a Significant Increase
Jelle emphasizes that the cryptocurrency Bitcoin has successfully retested its trend line and the 50-day EMA. This retest, combined with a 100-day consolidation period, indicates that Bitcoin is becoming increasingly ready for a significant price increase. The upcoming FOMC meeting could provide the necessary momentum for Bitcoin to enter a price discovery phase.
At the time of writing, the flagship cryptocurrency Bitcoin is trading at $67,416.
