Bitcoin (BTC)
During its September meeting, the US Federal Reserve decided to raise interest rates by another 75 bp. It is noteworthy that it was the third such a significant hike in a row and the fifth in the monetary policy tightening cycle that has been taking place since March.
However, considering last week's rate hike coincided with market expectations, the dot-plot chart, i.e. the so-called dots, shows the outlook for interest rates. These have been increased, and although the Fed recently expected the federal funds rate to rise to a maximum of 3.8 %, it is currently estimated that the peak will be 4.6 %.
It means that the Fed will make two more hikes in November and December, the first of which may also amount to 75 bp.
All this meant that just a few hours after the Fed's monetary decision, Bitcoin plunged over $ 1,700 from almost $ 19,900 to the region of $ 18,100.
Despite the fact that there was a specific demand reaction on the next day, i.e. last Thursday, it seems that the buyers' pressure is too weak to return BTC to the path of growth permanently.
Nevertheless, there may be a slight upward rebound in the near future; as a result, Bitcoin's rate will return to the area of ​​previously defeated support (now resistance) of USD 20,650. However, given that this barrier coincides with the 50% Fibonacci correction measurement, a greater supply pressure may reappear in its vicinity, driving another downward rally.
If it helps to beat the currently tested support of $ 18,500, Bitcoin could continue its downward rally even toward $ 12,000.
Ethereum (ETH)
Ethereum fell by almost 32% between September 11 and 21, 2022, beating technical support of $ 1,425. The sell-off only stopped in the following support area of USD 1,245, where there was a slight demand reaction last Thursday. Nevertheless, the ETH has remained in a horizontal trend since then, increasing the risk that the current trend will only be a temporary rebound before another downward impulse.
Still, given the reversal of the poles, if ETH rebounded from the $ 1,245 support, we could expect it to rise slightly towards $ 1,425. However, taking into account that this resistance coincides with the measurement of the 38.2% Fibonacci correction from the earlier downward move, a supply reaction could appear in its vicinity, initiating another downward impulse, as a result of which the quotations of this cryptocurrency could slide down to around 1,000 USD.
Bitcoin Cash (BCH)
Since mid-August this year, Bitcoin Cash has maintained a horizontal trend between $ 112 support and $ 133 resistance.
As a result of the depreciation that lasted from September 10 to 21, the BCH stock plunged by more than 23%, putting it not only back in the area of ​​technical support of $ 112 but also slipping below it.
Despite this, the quotation of this cryptocurrency did not stay at such a low level for too long, and on the next day, it returned to above $ 112.
If this increase continues, the BCH rate could return to the region of $ 122 or even to the region of $ 133. However, it seems unlikely that this will turn into a long-term bull market.
Litecoin (LTC)
Litecoin fell by more than 25% between September 13-21. This sale even temporarily defeated $ 52 tech support. However, the market quickly recovered above this level and is now being tested again as support.
If the LTC rate rebounds from it, we could expect a slight increase towards USD 55.50 in the near future. It seems unlikely, however, that this increase could turn into a larger bull market. There is a much greater probability that it will only be a temporary rebound before the next downward impulse towards USD 47 or even USD 42.
Polygon (MATIC)
As expected, the increases observed between August 20 and September 12, 2022, turned out to be only a correction, after which the MATIC price returned to the downward path. Between September 13 and September 21, it slumped by almost 27%, beating technical support of $ 0.76 and reaching its lowest level since mid-July this year.
Over the past few days, the MATIC has experienced some upward rebound, as a result of which the previously breached support was tested from below (as a resistance). If this barrier is now rejected, the price of this cryptocurrency could return to a downward path, slipping towards USD 0.61, USD 0.45, or even USD 0.32.
XRP
Looking at the XRP quotes, we will notice that the price of this cryptocurrency increased between 16 and 23 September by almost 74%, thus returning above $ 0.50. This increase stopped only in the area of ​​the technical resistance level determined based on the lows of June and July 2021.
This is where the supply response appeared a few days ago. Therefore, if the declines have been taking place since then, the quotations of this cryptocurrency could even slide to the area of ​​previously defeated resistance (now support) in the amount of USD 0.39.
EOS
Looking at the performance of the EOS, we notice that after rebounding from the technical resistance of USD 1.90, the price of this cryptocurrency has slipped by over 39% over the past days, breaking the upward trend line and horizontal support of USD 1.35 and 1 . $ 25.
This sell-off stopped only in the area of ​​the following support of $ 1.15, which we wrote about a week ago.
However, if this level is broken, we could expect further depreciation towards USD 1.04 or USD 0.88.
Chainlink (LINK)
Chainlink quoted last Thursday from the upward trend line, then rose by almost 22%, returning to the technical resistance area of $ 8.10. If this zone is rejected again, we could expect another decline in the direction of the aforementioned upward trend line in the near future. It is the closest support.
