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Bitcoin (BTC) and other digital asset markets have rebounded at a press conference of the Federal Open Market Committee (FOMC), chairman of the Federal Reserve Board, Jerome Powell, a dovish federal open market committee (FOMC), a leading crypto analyst. It states.
In the latest version of the Cryptocademy newsletter, analyst Justin Bennett diving Add to the chart to predict how long the BTC, Ethereum (ETH), and FTX Token (FTT) rallies will last.
“Bitcoin is making an impressive recovery today, up 7% at the time of this newsletter. Of course, most of this has followed the FOMC today.
I know a lot of people are trying to short BTC with resistance now, but I think that’s a mistake … my base case was a continuous rally before the next leg went down.
That said, it’s not a good time to lengthen BTC with trades just below the $ 23,000 resistance. It takes nearly a day to publish $ 24,200 beyond that.
Instead, I think it’s better to monitor the $ 22,000 area retest for a long potential opportunity. As long as that is true, I think BTC will eventually be suitable for movements above $ 23,000.
If $ 22,000 fails, expect a low price such as $ 21,600. “
Bennett believes Ethereum is trying to confirm that the recent sale was a fake.
“I prefer Ethereum as long as I have channel support, but if I see a retest in the area between $ 1,515 and $ 1,530, ETH could also win significant bids.
I think this is a very interesting area to watch for the next few days.
Keep in mind that the $ 1,700 region is promised to be a major test of ETH along the way. So it’s amazing to see a break beyond that on the first attempt. “
Looking at the FTT’s big move after the FOMC, Bennett warns that it may be fake.
FTT has become much more interesting with daily closebacks beyond the trendline in late May. It’s also the opposite head and shoulder neckline.
FTT was above this level for about a week until Monday returned to the bottom.
But, as I’ve mentioned several times, big events like the FOMC often do so before they become fake. This move from FTT is no exception.
In the future, retesting the $ 28 area is expected to generate significant demand. Similarly, the area just above $ 30 is resistance. “
Finally, Bennett looks at the US dollar index (DXY) to measure the strength of the dollar against crypto assets. Bennett believes that DXY could be bullish on digital assets in the short term.
“For now, DXY seems to want a lower value. This should remain bullish on risk assets in the short term.”
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Featured image: Shutterstock / IvaFoto
