The cryptocurrency sphere is gearing up for a week filled with exciting developments from the United States. Meanwhile, analysts are hard at work providing their insights. Analyst Jelle recently shared his thoughts on the current state of the cryptocurrency markets, focusing on two key assets – INJ and Bitcoin (BTC). Jelle’s analysis is grounded in technical indicators and the upcoming Federal Open Market Committee (FOMC) meeting.
Jelle’s Take on INJ
Jelle begins by discussing INJ, highlighting how the cryptocurrency has recently established the 50-day Exponential Moving Average (EMA) as a support level. This shift from a bearish to a bullish trend is a significant development. Additionally, INJ has broken its downtrend and confirmed a trend line as support, further bolstering its bullish outlook. Despite these positive signs, INJ is currently consolidating just below a key resistance level. Jelle believes that surpassing this level at $32 could signal a surge in bullish momentum and potentially kickstart a new phase in the market cycle.
Bitcoin’s Volatility on the Horizon
Shifting focus to Bitcoin, Jelle observes that BTC is in the process of reclaiming its lower time frame trend. He anticipates some price volatility or “swings” in the near future and advises market participants to exercise patience and brace for potential significant price movements, especially with the FOMC event looming. Jelle points out that the last four FOMC meetings have coincided with local bottoms for Bitcoin, triggering rallies of over 20%. This historical trend suggests that the upcoming FOMC meeting could once again have a positive impact on the market.
Bitcoin Poised for Growth
Jelle emphasizes that Bitcoin has successfully retested its trend line and the 50-day EMA. This retest, coupled with a 100-day consolidation period, indicates that Bitcoin is gearing up for a substantial price increase. The impending FOMC meeting could provide the necessary momentum for Bitcoin to enter a phase of price discovery.
As of the time of writing, Bitcoin is trading at $67,416. Stay updated on the latest news via Telegram, Facebook, Twitter, and Coinmarketcap.
Disclaimer: The information presented in this article should not be construed as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own thorough research before making any investment decisions.
