Bitcoin is battling to gain ground above the $20,000 level ahead of the FOMC Interest Rate decision today. The market is in a tentative place as traders and investors wait to see if there will be a surprise rate hike above the 75 BPS estimated level.
With the market hanging in the balance, let us take a look at the top tokens ahead of the FOMC announcement.
Today, we will look at Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), and Binance Coin (BNB). In addition, we will highlight some support and resistance areas and see where the market can go next week.
Bitcoin Price Analysis
BTC/USD is down by a small 4.5% this week as the cryptocurrency breaks beneath the $20,000 level again. The market has seen an interesting three weeks of trading in September and is currently down around 9.5% over the past 30-days.
Bitcoin started the month on a promising note as the cryptocurrency soared into resistance at $22,650 by the middle of September. Unfortunately, the market rolled over from there and started to head lower toward the tail end of last week.
Over the weekend, BTC broke beneath the $20,000 level and continued to head lower through the week. On Monday, BTC spiked as low as $18,270 – setting a fresh three-month low. However, the buyers quickly regrouped to push the coin back above $19,000 by the end of the day.
It is now currently trading sideways ahead of the rate decision. Check out our automated BTC price predictions to see where the world’s largest crypto could be heading going forward.
Image source: TradingView
Short-term trend: BEARISH/NEUTRAL
BTC must be considered bearish after setting a three-month low this week. However, the sideways movement has rendered the market neutral before the FOMC decision. BTC would need to close a daily candle above $22,650 to kick-start a short-term bullish run now. A break beneath $18,585 would send BTC into a bearish spiral.
The next direction will be dictated by the outcome of the FOMC decision.
Looking ahead, the first resistance is located at $19,720 (Nov 2020 highs). This is followed by $20,000, $20,700, $21,000, and $21,600. Added resistance is found at $22,000, $22,650, and $24,000.
On the other side, the first support lies at $19,000. This is followed by $18,686, $18,390, $18,000, and $17,830 (December 2020 support). Further support lies at $17,160, $17,000, and $16,615.
Ethereum Price Analysis
ETH/USD is down by a sharper 15% this week, following the long-awaited Ethereum Merge event. Ethereum has been trending lower since mid-September after it failed to make ground above $1,800.
This week, ETH struggled to break above the 100-day MA and ended up breaking beneath the $1,420 support. It continued lower but found additional support at $1,280 on Monday, provided by the Feb 2021 lows.
While the world’s leading altcoin has been trading sideways ahead of the FOMC decision, our algorithmic ETH price predictions show Ether could experience negative market activity in the upcoming weeks.
Image source: TradingView
Short-term trend: BEARISH
The break beneath the August lows has turned Ethereum into a bearish trend. The coin would now need to break back above $1,500 to turn neutral, and above $1,800 to start a short-term bullish trend.
Looking ahead, the first support lies at $1,300. This is followed by support at $1,280 (Feb 21 lows), $1,200, $1,150 (downside 1.414 Fib Extension), $1,100, and $1,000.
On the other side, the first resistance lies at $1,420. This is followed by $1,470 (100-day MA), $1,510 (March 2021 lows), $1,600, and $1,650 (June 2021 lows).
Cardano Price Analysis
ADA/USD saw a small 5% price drop this week as the coin continues to trade within the sideways range set over the past four weeks. ADA has been trading between support at $0.423 and resistance at $0.512 and must break one of these boundaries to dictate the next direction.
In the near term, ADA is potentially looking at more red zone trading – however, there is a considerable trend reversal brewing at the end of 2022, at least according to our automatic ADA price predictions.
Image source: TradingView
Short-term trend: Bullish above $0.52
ADA would need to break the resistance at the September highs of $0.52 to turn bullish. A break beneath $0.423 will turn ADA bearish in the short term.
Looking ahead, the first resistance lies at $0.468. This is followed by resistance at $0.48, $0.5, $0.512 (bearish .236 Fib), and $0.52. Added resistance lies at $0.54, $0.56, and $0.588 (bearish .382 Fib).
On the other side, the first support lies at $0.436. This is followed by $0.423, $0.40, and $0.385 (Jan 2021 resistance).
Solana Price Analysis
SOL/USD is also down by a small 3.5% this week as the coin continues to trade at the September support. SOL managed to surge as high as $39 in the first half of the month but rolled over from there and has since trended lower.
This week, Solana managed to return to the support at $30.60 (.786 Fib) and is battling to hold this level ahead of the FOMC rate decision. More sideways movement is forecasted in the coming weeks and months, according to our SOL price predictions algorithm.
Image source: TradingView
Short-term trend: Bullish above $40
SOL would now need to break the September highs around $40 to turn bullish. A further break above $48 would signal a more sustainable bullish run. On the other side, a break beneath $30 would send SOL into a bearish spiral.
Looking ahead, the first resistance lies at $32.50 (August 2021 lows). This is followed by resistance at $34, $36, $37.56 (Jul 2021 resistance), and $39 (September highs). Added resistance lies at $40, $42, $44, and $48 (bearish .236 Fib).
On the other side, the first support lies at $30.60 (.786 Fib). This is followed by $30, $28.35 (.886 Fib), $28, and $25.75.
Binance Coin Price Analysis
BNB/USD is in the same boat as the rest of the market with a 3.5% price fall this week. The coin surged as high as $300 in the first half of the month but has since returned to support at the 100-day MA level around $270.
On a six-month time scale, the fifth largest market cap crypto asset might rally beyond its previous all-time high of roughly $690, if our BNB price predictions algorithm turns out to be correct.
Image source: TradingView
Short-term trend: Bullish above $300
BNB would need to break $300 to turn bullish again. However, a break of $340 would be required for a sustained bullish push higher. A break beneath the $260 support could turn the market bearish.
Looking ahead, the first resistance lies at $280. This is followed by resistance at $300, $320 (bearish .5 Fib), $340, $355 (bearish .618 Fib), and $375 (1.414 Fib Extension).
On the other side, the first support lies at $270 (100-day MA). This is followed by $260 (.5 Fib), $250, $241 (.618 Fib), and $220 (July support).
