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Crypto Rally Continues
Crypto bulls will be watching current moves with joy as the market begins the new week on a firm footing over early European trading on Monday. BTC was seen gapping higher at the open today, extending the gains seen across recent weeks in response to a less-hawkish outlook for the Fed and ongoing market turmoil. Bitcoin prices are now up almost 50% off the March lows, with those moves echoed in ETH and LTC also.
Fed on Watch
In terms of the USD/Fed impact on the crypto space, we have plenty to watch this week. On the back of the recent drop in inflation, as well as the concerns around the US banking sector, the market is expecting a less hawkish meeting from the Fed this week. Prior to recent events, traders had been looking for the Fed to hike by a larger .5%. However, with inflation seen dropping back following a spike higher in January and with markets rattled by recent banking events, traders are now looking for the Fed to hike by a smaller .25% or not at all. Additionally, the Fed’s forward guidance is expected to take a less hawkish tone amidst ongoing market turmoil which should help propel crypto assets higher near-term.
Technical Views
BTC
The breakout above the 24930 level is starting to gather pace now. BTC is supported by bullish momentum studies readings and is currently testing the 28110 level resistance. If price can breach this area, focus will shift to the 32185 level next. 24930 remains the key support to note
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ETH
Moves have been a little shallower than in BTC. However, ETH is currently attempting a breakout of its own above the 1695.5 level. With momentum studies bullish, while above here the focus is on a move up to the 2025.5 level next. Any drop back below 1695.5 however, will see 1268 move into focus as the key support to watch.
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LTC
Litecoin prices have been a little stickier today, not seeing the same upside we’re seeing elsewhere. The market remains stalled at the 84.21 level following the bounce off 66.92 level support. With momentum studies bullish, focus remains on an eventual break higher and a move back up to test the 96.63 level and retest the broken bull channel.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.