Crypto markets await the Fed rate decision. 14/06/23
Bitcoin
Yesterday, Bitcoin touched the resistance zone of $26,300-$26,500 before returning to a sideways trend within this resistance range and the $25,300-$25,700 support zone. The psychological threshold of $25,000 remains critical for buyers. A breach of this level could see the asset fall towards $24,000.
If Bitcoin embarks on an upward rally, the primary resistance levels to watch would be the $26,900-$27,400 range, the $27,670 level, and the $28,000-$28,400 zone.
Today's US interest rate announcement carries significant weight, influencing liquidity across both stock and cryptocurrency markets. Hence, it's a factor to bear in mind before initiating any trading operations.
BTC chart on the H2 timeframe
Ethereum (ETH)
Ethereum continues its sideways trajectory within a channel defined by the $1,718 support level and the $1,771 resistance level. In the scenario of an upward breakout, the asset will encounter seller resistance within the $1,794-$1,822 zone, and further at $1,860-$1,900 levels.
Contrarily, if Ethereum descends, the bulk of buyer interest concentrates around the key psychological level of $1,700.
ETH chart on the H1 timeframe
Sui
Since May 17th, SUI has seen a significant depreciation, dropping by 50% and testing the $0.5 mark. This downturn can be attributed to an overall bearish sentiment in the market and the substantial release of locked coins.
Currently, the asset's price hovers around a resistance zone between $0.67 and $0.71. The subsequent zone crowded with sellers lies within the $0.79-$0.85 range, aligning with a trend line drawn from local highs.
Given the imminent large-scale unlocks and the asset's relatively immature ecosystem, it seems highly probable that the asset will continue its downward journey.
SUI chart on the H4 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNcrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNcrypto:
