The cryptocurrency sphere is poised for an eventful week ahead, with a flurry of updates expected from the US. Analysts are actively assessing the current market landscape, with a particular focus on two key assets – INJ and Bitcoin (BTC). Jelle, a prominent analyst, has shared his insights based on technical indicators and upcoming market events such as the Federal Open Market Committee (FOMC) meeting.
Jelle’s INJ Analysis
Starting with INJ, Jelle highlights that the cryptocurrency has recently found support at the 50-day Exponential Moving Average (EMA), signaling a potential shift from a bearish to a bullish trend. Additionally, INJ has broken its downtrend and established a trend line as support, bolstering its bullish prospects. While INJ is currently consolidating below a major resistance level, Jelle believes that surpassing this barrier at $32 could pave the way for further upward momentum in the market cycle.
Bitcoin Volatility Insights
Shifting focus to Bitcoin, Jelle observes that BTC is in the process of reclaiming its lower timeframe trend, likely leading to increased price volatility or “swings.” He advises traders to exercise patience and brace themselves for significant price fluctuations, especially in light of the impending FOMC event. Interestingly, historical data indicates that the past four FOMC meetings have coincided with local price bottoms for Bitcoin, triggering rallies exceeding 20%. This pattern suggests that the current FOMC meeting could potentially have a positive impact on the market.
Bitcoin’s Potential Surge
Jelle underscores that Bitcoin has successfully retested its trend line and the 50-day EMA after a 100-day consolidation period, signaling its readiness for a substantial price surge. The upcoming FOMC meeting could serve as a catalyst for Bitcoin to enter a price discovery phase, propelling it to new heights. As of the latest update, Bitcoin is trading at $67,416.
For more news updates, follow us on Telegram, Facebook, Twitter, and Coinmarketcap. Please note that the information provided in this article is not investment advice. Investors should be mindful of the high volatility associated with cryptocurrencies and conduct their own research before making any financial decisions.
