Cryptocurrency markets are focused on positive news from the United States, and the Fed announced last night that interest rates would remain unchanged. Following this development, Fed Chairman Jerome Powell made significant statements about the process. So, what is expected for Bitcoin and Ethereum during this process? We are examining with detailed graphic analyses.
Bitcoin Graphic Analysis
In the four-hour Bitcoin chart, the narrowing wedge formation has remained a hot topic for a long time and provided important clues for investors. However, the recent selling pressure caused a significant loss of momentum in Bitcoin’s price, and the formation closed below the support level, accelerating the selling momentum. Last night’s developments led to a rise in Bitcoin as it crossed the EMA 9 (blue line) average, sparking short-term hopes.
The most important support levels to watch on the four-hour Bitcoin chart are; 56,972 / 57,510 and 58,514 dollars respectively. Particularly, a four-hour bar closing below the 58,814 dollar level, which coincides with the EMA 9 average, could cause Bitcoin’s price to lose momentum.
The most important resistance levels to watch in the Bitcoin chart are; 60,788 / 61,836 and 65,843 dollars respectively. Especially, a four-hour bar closing above the 60,788 dollar level, which intersects with the formation support line, will boost Bitcoin’s momentum.
Ethereum Graphic Analysis
The triangle formation continues to be a hot topic in the four-hour Ethereum chart. This formation has been providing important clues for investors for the past month, especially serving as a significant guide for those in the futures market.
The most important support levels to watch on the four-hour Ethereum chart are; 2867 / 2760 and 2660 dollars respectively. Particularly, a four-hour bar closing below the 2867 dollar level, which plays a major role in recent bar formations, could cause Ethereum’s price to lose momentum.
The most important resistance levels to watch in the four-hour chart are; 3017 / 3078 and 3254 dollars respectively. Especially, a bar closing above the 3017 dollar level, which is the EMA 21 (green line) average, will boost Ethereum’s momentum. You can also watch the latest episode of our graphic analysis series on the CoinTurk YouTube channel:
