Dan LeMan
Dan LeMan 2 minutes reading from Bitcoin

(ETH) Price Analysis: Oct 20-26

The DXY might hold the key to the markets direction following this Wednesdays FOMC & rate raise. Let's take an objective look.

Things to note: - LT Resistance 111.50 - 112.34

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- Possible test of LT resistance coinciding with the FED FOMC meeting & rate raise Sept 20-21 - Price holding 9SMA as support but it's going sideways (if turn down that's bearish) - Major support @ 50SMA back-tested successfully Sept 13

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- LT Support channel @ 106 - 107 - RSI getting up there on the daily TF

Being objective, this charts currently looks more bearish than bullish. Why? The 9SMA sloping down does not look healthy for the bulls.

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With that being said, A LOT can happen in 2 days. IF we continue trending up from here, I'd be weary of a sell-off on the DXY surrounding the FED.

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BUT IF we cool-off here & get a re-test of the 50SMA & a bounce with the risk-on assets, I'd be looking for a pump with the FED. Remember, still too early to call. Lots can happen between now and Wednesday so remain objective & follow the charts!

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This post is based on this twitter thread.

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