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A widely followed crypto analyst says the Bitcoin (BTC) and Ethereum (ETH) markets are mostly the same after yesterday’s Federal Open Markets Committee (FOMC) meeting.
In a new edition of his Cryptocademy newsletter, trader Justin Bennett breaks down BTC, ETH, and the US Dollar Index (DXY) looking ahead.
Said Bennett of BTC,
“BTC rallied at today’s FOMC, so the pullback from the 50 basis point (bps) upside came as no surprise as late buying was flushed out. also retested trendline support at $17,500 today which is a level I mentioned in yesterday’s video.It’s going to take a close below that and $17,300 to open trades. Alternatively, resistance for BTC lies at $18,200 and $18,500.
Source: Justin Bennett/Cryptocademy
Looking at the second-largest crypto by market capitalization, Ethereum, Bennett considers several options for the leading smart contract platform.
“ETH is down today after testing the $1350 range highs for the second time. However, the $1300 area (specifically $1297) is still holding as support. daily close below for Ethereum to turn bearish towards $1,235 and potentially lower, on the other hand, a daily close above $1,350 would open the $1,420 area.
Source: Justin Bennett/Cryptocademy
Bennett also looks at the DXY, a measure of US dollar strength against a basket of assets. For Bennett’s purposes, he compares the DXY to a basket of crypto assets.
Generally speaking, a bearish DXY is bullish for crypto and vice versa.
After the FOMC meeting, Bennett says the DXY is lower today.
“DXY is lower today following a rate hike and a press conference from Powell. However, it is still holding above the 103.60 area for now, which is the location of a key horizontal level and trendline from November 15. DXY should close above 104.50 to re-expose 105.60 and below the 103.60 region to open the 102 to 103 zone.”
Source: Justin Bennett/CryptocademyDon’t Miss a Beat Subscribe to receive crypto email alerts straight to your inbox Check the price action Follow us on Twitter, Facebook and Telegram Surf the Daily Hodl Mix Check the latest headlines Disclaimer: Opinions expressed at Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.
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