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All eyes will now be glued to the Fed which is expected to announce a 75 basis point rate hike on September 21. The CME FedWatch Tool shows an 82% probability of a 75 basis point rate hike, suggesting that the move may have been priced in. However, if the Fed decides to hike rates by 100 basis points as some expect, then risky assets may witness another bout of selling.

While Bitcoin dropped about 11% last week, Ethereum plunged more than 24%. Ether was a classic case of buy the rumor and sell the news. Ether’s price rallied leading up to the Merge but has since seen aggressive selling, indicating that traders sold even though the Merge went off smoothly on September 15.

During a bear phase, markets react mildly to positive news but tend to sell off on every bit of negative news. Until the sentiment turns around, trading on bullish news could turn out to be a trap.

We said in our previous analysis that bulls will have to sustain Bitcoin above the 50-day simple moving average (SMA) for three days to increase the likelihood of a rally to $25,000 but that did not happen.

We had also projected that if the price slips back below the moving averages, the BTC/USD pair could revisit the $18,600 to $17,567.45 support zone and that is what happened on September 19.

Both moving averages are gradually turning down and the relative strength index (RSI) is in the negative territory, indicating advantage to bears. However, we expect the bulls to aggressively defend the support zone.

The first sign of relief to the bulls will be after the price rises above the 20-day exponential moving average (EMA). Such a move will suggest that the selling pressure could be reducing. That could open the doors for a possible rally to the 50-day SMA.

Conversely, if bears sink and sustain the price below $17,567.45, it could signal the resumption of the downtrend. The pair could then plummet to $15,000 but we give this a low probability of occurring.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this weeks Edition:

- DMGlobal

- XRPayNet

- The Revolution Token

- AiBook.Art

- LunaOne

- MetaFrames

- Manilla Finance

- Coinhaven

- Gauss

- Medabots

- indu4.0

Read More

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Crypto Investors Yanked Money From ETH Products Despite a Smooth Ethereum Merge

Bitcoin is trapped in a downtrend, but a ‘trifecta of positives’ scream ‘deep value’

Prosecutors Ask Interpol To Put Red Notice on Terra Founder Do Kwon

AIBOOK NFTs Now Available For Purchase

Introduction to the LunaOne Metaverse

MetaFrames: A robust ecosystem for creators!

Manilla Finance: Introduction to traditional Fintech

Coinhaven – The people’s exchange

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