Happy Sunday, traders.
It’s Matt here … it was a brutal week for stock indexes, as I’m sure you’ve seen by now. The Dow broke through its June lows in intraday trading.
Given that the Fed’s rate hike this week was just one of more to come, we’re certainly not gonna be in the clear anytime soon.
So what am I doing? I’m still in crypto land. And right now, we’re at a critical moment.
Not only are we at a pivotal point for altcoin breakout hopefuls … Bitcoin is holding support near a very important key level. So far.
So what’s in store for crypto? Let’s dive into what could happen next…
Bitcoin (BTC)
Right now Bitcoin is holding onto support around the $20,000 key level. It’s actually just below it, and this is a very critical place for it.
As of this writing, it was around $18,700. If it breaks below it, things could drop quickly. And you know, that wouldn’t be a bad thing.
In fact, it could be a great opportunity for a dip buy play. So here’s where I’m thinking it could go if it does indeed drop.
I think around $13,000-$14,000 would be first. But if it goes there, $11,000-$12,000 are also possible.
Ethereum (ETH)
Ethereum had an expected run-up into The Merge. And then a subsequent, also expected pullback.
It’s already broken below 2018 resistance in the $1,400 key level area. As of Friday, it was around $1,300.
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If it doesn’t hold up around here, it could have a long way to go. Like it could possibly go all the way down to around $850.
JP Morgan has some concerns about ETH, and surprisingly, it’s about the coin becoming less decentralized. Not what you’d expect a bank to care about, but here it is.
Ethereum Classic (ETC)
As I’ve mentioned previously, this is a hedge play. If people aren’t happy with the more centralized Proof-of-Stake model that ETH has switched over to, they might vote by buying ETC instead.
But make no mistake, ETC will fall with the rest of the coins if the crypto market drops any further.
It’s fallen by double the percentage points as ETH in the past five days, so at least so far, it looks like traders are voting for change.
ETC was around $28 on Friday … but a deep base of support awaits it down by the $15 level if it suffers a decline in the near term.
Conclusion
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