After the FED surprised everyone by decreasing interest rates by 50 basis points (BPS), the crypto market has experienced unprecedented bullish momentum. But will this bull run last? Let’s find out!
7 Days Heatmap
After breaking above the $60,000 mark due to the FED's interest rate decrease, traders became optimistic overnight.
As a result, BTC surged by over 9.53%, shifting the overall momentum from bearish to bullish. ETH followed suit, rising by 8%, which pushed all altcoins up along with it.
BTC Analysis
As per our last BTC analysis, it broke above the $60,000 mark, shifting the momentum in favor of the bulls.
The bulls will retain control as long as BTC continues trading within the rising broadening wedge pattern shown in red.
For full control, the bulls need to break above the monthly high of $65,000. A retest of the lower bound of the wedge and the $60,000 level would create an attractive zone for trend-following long positions.
ETH Analysis
ETH, much like BTC, is now bullish and trading within a rising wedge pattern.
In contrast to our last weekly overview, ETH has regained its bullish momentum, and the bulls will stay in control as long as it remains above the $2,400 support level.
To anticipate a bull run toward the $3,000 resistance, the bulls must break above the $2,600 monthly high.
In the meantime, if ETH retests the lower bound of the channel, it will present an opportunity to look for trend-following long positions.
Quote of the week
Where you want to be is always in control, never wishing, always trading, and always, first and foremost protecting your butt.
~ Paul Tudor Jones
Closing Remarks
In summary, following the FED's unexpected interest rate cut, the crypto market has shifted to a bullish stance, with major assets like BTC and ETH leading the charge.
BTC has surged above $60,000, with the bulls maintaining control as long as it remains within the broadening wedge pattern. A break above the $65,000 monthly high is necessary for full bullish control.
Similarly, ETH has also regained bullish momentum, trading above the $2,400 support. For further upside, ETH needs to surpass the $2,600 monthly high.
Looking for similar articles? Check out our latest market outlook.
