📈📉 The must-know levels ahead of today’s FOMC! It’s make or break time for markets!
WARNING! Extreme market volatility is likely, due to today’s US interest rate decision from the US Federal Reserve (2 pm EST) and the post-FOMC speech set to be delivered by Federal Reserve Chairman Jerome Powell (2:30 pm EST).
The Fed will most likely raise rates by 25 basis points. But, more importantly, market participants will be glued to Jerome Powell's post-FOMC speech at 2:30 pm EST. The markets are at the whim of the Fed in their current state, and what Powell says could likely determine which direction the market will head. As a result, expect the markets to be volatile!
But, we’re in this together!
Come hang with Ran and a phenomenal lineup of guests on Twitter Spaces today live at 1 pm EST as the FOMC and Powell’s speech unfold! Join the Twitter Spaces here. This is one you don’t want to miss!Â
See you all there!
Bitget winner - 2224175824
Chart #1 - Crypto Total Market Cap (TOTAL) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
The TOTAL increased more than 30% in January, going from $750B to over $1T (resistance), where it has been consolidating for the last two weeks.
Today's FOMC outcome will either result in the TOTAL breaking through $1T, moving up to the next resistance levels of $1.15T and $1.65T, or dropping to the next support levels at $925B - $950B, and $880B.Â
Today's outcome could possibly set the markets' tone for the rest of February.
Check our Crypto Banter Discord here for updates!
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Chart #2 - US Dollar Currency Index (DXY) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
The DXY has been stuck in a downtrend for a long time now, resulting in one of the most sustained periods of selling off without any impulsive move back up.Â
The 101.197 level continues to be the zone to watch, and the DXY has come close to tagging that level a couple of times. Tagging it likely makes the DXY bounce and pull back the prices of risk-on assets.
That level could be tagged today with the FOMC event.
Check our Crypto Banter Discord here for updates!
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Chart #3 - S&P 500 E-mini Futures (SPX) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
The S&P 500 is still postured bearish and unable to break and close any candles above 4,094 - which would form a higher high. Therefore it's still technically in a downtrend.Â
With the FOMC today, I would expect volatile moves up and down for all markets, but it's the closing candles we really want to pay attention to.
Failure to get back above 4,094, means we should target the mid-range at 3,987 as the next potential support level. A loss of that level and the price breaking back down into its overall downtrend would mean this was all a big bull trap.
Check our Crypto Banter Discord here for updates!
Make sure to follow me on Twitter, where I will post updates on my trades as they unfold!
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Chart #4 - USDT Dominance (USDT.D) 2-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
In January, USDT Dominance dropped from below 9% to 6.5% (support), and has been consolidating there for two weeks (the ascending daily support line from November also intersects at that level).Â
If today's FOMC meeting outcome is bad for the markets, I expect USDT.D to trend back up and test the resistance levels at 7.3% and 8%.Â
But if the outcome is positive, there is a chance USDT.D breaks its daily support line. If so, the next support levels are at 5.7%, followed by 5%.
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 56 today, indicating Greed.
The highest the index has been over the past seven days is 61, and the lowest is 51.
Overall Market Sentiment (Banter’s Take)
Today's FOMC outcome could lead to high market volatility.
But in the aftermath of it all, assets may form new ranges, which we will seek to identify as soon as possible. And tomorrow, we will recalibrate to determine the next best trade setups.
Stay safe my friends!
Bybit winner - 27064379Â