Bitcoin and altcoins experience further losses after comments from the Federal Reserve suggest that interest rate hikes could continue into 2024.
Federal Reserve Chair Jerome Powell warns of high inflation and indicates openness to raising rates further if necessary.
Bitcoin’s price action is predicted to follow previous halving cycles, with a potential rise to $35,000 by April 2024 and a rally to $148,000 thereafter.
Bitcoin remains stuck in a range between $26,833 and $24,800, with a bearish outlook if it falls below $24,800.
Ether struggles to sustain levels above $1,700, with bears in control and a potential downward move towards $1,368.
BNB faces resistance at $220, with a possible decline to $200 if support is broken.
XRP fails to reach resistance at $0.56, indicating weakening demand and a potential slide towards $0.41.
Cardano struggles to overcome resistance at $0.28, with a possible downtrend towards $0.20 if support at $0.24 is breached.
Solana faces resistance at $22.30, with a potential decline to $18 and $16 if immediate support at $19.35 is broken.
Dogecoin shows continued selling pressure, with a potential drop to $0.055 if critical support at $0.06 is breached.
Polkadot trades within a tight range between $4.22 and $4.56, with a possible rally to $5 if resistance is broken.
Polygon drifts lower towards support at $0.51, indicating bearish pressure and a potential dive to $0.45 if support is broken.
Toncoin forms an inverse head-and-shoulders pattern, with a potential breakout above $1.53 leading to a new uptrend towards $1.91.
Summary:
– Bitcoin and altcoins face losses after Federal Reserve comments on interest rate hikes.
– Bitcoin’s price action predicted to follow previous halving cycles.
– Ether struggles to sustain levels above $1,700.
– BNB faces resistance at $220, with potential decline to $200.
– XRP fails to reach resistance at $0.56, indicating weakening demand.
– Cardano struggles to overcome resistance at $0.28.
– Solana faces resistance at $22.30, potential decline to $18 and $16.
– Dogecoin shows continued selling pressure.
– Polkadot trades within a tight range between $4.22 and $4.56.
– Polygon drifts lower towards support at $0.51.
– Toncoin forms inverse head-and-shoulders pattern, potential breakout above $1.53.