While the Fed said it would continue to do what was required to bring decade-high inflation down to 2%, many committee members have softened their stance slightly, believing the central bank can begin to slow the pace of rate hikes.
The crypto sector will be free from the pressures of the general market for much of the next four days, with the Thanksgiving holiday closing the stock market on Thursday and Black Friday closing the market for half the day on Friday, which is followed by the weekend.
Traders and investors will be watching Bitcoin and Ethereum over the next four days for clues about how the stock market may behave next week.
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The Bitcoin Chart, Ethereum and Dogecoin Charts: Bitcoin, Ethereum and Dogecoin have been trading in tandem since Nov. 8, when the three cryptos began to plummet following news Sam Bankman-Fried's FTX collapsed. After the Nov. 8 and Nov. 9 plunge, all three cryptos began trading in triangle patterns on the daily chart for several days before breaking down bearishly from their respective triangles on Nov. 20.
The cryptos fell lower on Nov. 21 but rebounded on Nov. 22, creating double bottom patterns. On Wednesday, Bitcoin, Ethereum and Dogecoin were bouncing in continuation, trading slightly above Tuesday’s 24-hour closing price.
On Wednesday, all three cryptos were printing shooting star candlestick, suggesting the next lower high within their downtrend may have occurred. If the shooting star candlesticks are recognized, Bitcoin, Ethereum and Dogecoin may fall lower during Thursday’s session and if that happens, bullish traders will want to see the cryptos hold above the Nov. 21 and Nov. 22 low-of-day.
Bitcoin has resistance above at $17,580 and $19,915 and support below at $16,000 and $15,000.