ππ Today the Fed either ignites a bull run or sinks markets! + Can ADA go higher?
Bitget winner - 4292664903
Chart #1 - Cardano (ADAUSDT) 8-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
ADA rallied yesterday 18% from $0.33 to $0.39 before retracing to $0.37. If it can consolidate here and find support, it may head up to resistance between $0.40 - $0.42, an area it tested last month.Β
If it fails and gets rejected here, it could head to $0.34, with major support lying below that between $0.30 - $0.32.
Don't forget that today is the FOMC meeting where the Federal Reserve is going to announce the updated interest rate in the US. The result they announce will define the way markets head.Β
π£πΏπΆπΊπ² π«ππ§
Sign up for a new Trading Account on Prime XBT!
Receive a deposit bonus of up to $7,000 with promo code: SheldonSniper
Chart #2 - Ethereum/Bitcoin (ETHBTC) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
The ETH/BTC chart shows that ETH is coming into support when measured against BTC.
If it can hold this trend line successfully, then some of the dominance should flow from BTC into ETH and possibly even other altcoins.Β
However, failure to successfully hold the trend line would mean a breakdown will occur, with the next support at the mid-range level.
π£πΏπΆπΊπ² π«ππ§
Sign up for a new Trading Account on Prime XBT!
Receive a deposit bonus of up to $7,000 with promo code: KyleDoops
Chart #3 - S&P 500 3-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
The S&P 500 is showing signs of strength. Just look at the posture of the previous candle!
That suggests a continuation will take place, which means a break above the 0.75% level should happen soon. Once that break occurs, the next level to target is the range high.
If the stock market can successfully reclaim its range highs in the same way bitcoin has, it would suggest an uptrend is in the making.
Claim your Bitget sign-up bonuses here (details below).
Chart #4 - Ethereum (ETHUSDT) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
In three weeks, ETH has increased by $400 and now finds itself at an important resistance level, while overbought on the higher time frames.Β
A rejection here will take it down to $1,700, but if it breaks through the $1,800 - $1,850 resistance, it should reach $2,000.Β
Claim your Bitget sign-up bonuses here (details below).
Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 62 today, indicating Greed.
The highest the index has been over the past seven days is 68, and the lowest is 51.
Overall Market Sentiment (Banterβs Take)
Today's FOMC is truly a make-or-break situation for the crypto market and markets in general.Β
It is expected that the FED will raise rates by only 25 bps. If that happens the market will likely continue up slowly but surely. If they raise above that, the market will likely sell off aggressively. But, anything under 25 bps could spark a huge run for the markets.
Stay safe my friends!
Go to our Crypto Banter Discord here where Sheldon and Kyle give updates on the charts and trades from The Daily Candle newsletter!
Sniper School
Sniper School kicks off a new cohort on April 3rd!
What is Sniper School? A Free 3-week trading course with Sheldon. You will learn how to trade like a pro in 3 short weeks and capitalize on the change in the markets.
There are only 3k seats and the waitlist is filling up fast! We still have some spots left for those that complete the entrance requirements of signing up for a free exchange account and funding it. Youβll use it to trade live during the course.
The course includes weekly live workshops hosted by Sheldon, Mama Sniper, and special guests, plus daily live trading and market analysis sessions with our team of Sniper Mentors!
Itβs not just a school. Itβs the start of an incredible journey with our family of degens! Reserve your spot here.
Bybit winner - 28022005