ππ Fed crashes the market! $14 SOL and new all-time-lows incoming?
Warning! Extreme volatility highly likely. Jerome Powell speaks again today at 10 am ET in an appearance before the House Financial Services Committee.
Bitget winner - 9306471120
Chart #1 - Solana (SOLUSDT) 12-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Over the last two weeks, SOL has dropped by almost 30%, from a high of over $27.00 in mid-February, to where it is currently trading, at $19.30.Β
It has found some temporary support, but what is concerning is that SOL has broken below the crucial $20.00 (support). If it doesn't reclaim it soon, there could be a lot more downside to come.
SOL might now retest $20.00 as resistance. If it can't make it through, then $17.00 becomes a reality. And if that doesn't hold, we may see a $14.00 SOL.
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Chart #2 - GALA (GALAUSDT) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
GALA is right around its mid-range level, which coincides with the 0.618 Fib level (based on the most recent move).Β
This could potentially be where GALA finds support. If not, it's likely that it goes all the way back down to the range low within the coming days.
Failure to bounce at the range low would mean the bears have taken full control, and the price would likely make a new all-time low.
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Chart #3 - Render (RNDRUSDT) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
RNDR has broken back into its range. I have mapped out three targets using Xs.Β
The first is minor support at the 200 EMA (blue line).
The second is an area where RNDR has a high probability of bouncing if it moves toward its mid-range. Failure to do so would take RNDR down to its range low - as marked by the third and final X. That is RNDR's final support level.
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Chart #4 - Bitcoin (BTCUSDT) 12-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Since Monday, bitcoin has dropped by $1,000, after being rejected from the $22,800 level. It found support at $21,840 and is now pushing up, possibly getting ready to retest the break of the previous small support area of $22,200 - $22,300, which will now act as resistance.
If it breaks through, the next resistance sits at around $23,000.Β Β
Bitcoin is currently in a major area of support that extends down to around $21,350. It is important that this area holds, as the next support is at $20,400 - $20,700, followed by the $19,700 - $20,000 area (where the daily 200 MA intersects).
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 50 today, Neutral.
The highest the index has been over the past seven days is 51, and the lowest is 47.
Overall Market Sentiment (Banterβs Take)
Jerome Powell was extremely hawkish yesterday in his testimony in front of the US Senate, and now the probability of a 50 bps rate hike in March is more likely than the previously anticipated 25 bps. So the market is pricing in the bad news and, consequently, bears are taking back control.
If bulls cannot defend the support levels, not only are the range lows a target, but new lows become possible.
Stay safe my friends!
Bybit winner - 47279015