There is nothing new in the BTC so far. On Wednesday, the major cryptocurrency is trading at $29,852. The asset is clearly stuck inside the “flat” between $29,000-$30,000. As long as it remains here, there are chances to slide down to $20,000. At the moment, any “quick growth” scenario can’t be taken seriously.
The technical resistance is at $32,700.
The fundamental background remains as subеду as it was early in the week. Yesterday’s speech by the US Fed Chairman Jerome Powell didn’t make the situation any clearer. The monetary policymaker said that the regulator was going to raise the rates until inflation started to fall. However, he was mum about a possible 75-point hike. At the same time, he mentioned that the Fed might raise the benchmark interest rate after every meeting until the end of 2022 but the rate hike size was not revealed.
As for capitalisation, the most coins from the Top 10 aren’t looking confident: the BTC, the ETH, and the BNB are losing 1.9% on average, while the ADA, the SOL, and the DOGE dropped 2% each.
ETH: there are chances to drop to $1,200
So, another “flat”. The major altcoin price is trading around $2,022 on Wednesday, in the range between $1,950-$2,175. If the price breaks the downside border, bears may continue pushing the asset down to $1,200. A possible growth scenario might take place only if the ETH fixes above $3,100.
Investors would want to buy, but they are afraid: the crypto market has become as alarming as the fiat money recently. In addition, the current phase is rather complicated for bulls – a lot of risks that won’t be probably covered by potential profits.
ADA: massive unknowns
The mid-term trend in the ADA is descending, while the short-term one is sideways between $0.4640 $0.6994. If the asset breaks the downside border, bears may try to re-test May’s low at $0.3918. the downtrend may be over only after the price fixes above $0.9010.