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Crypto, technology stocks and other risk assets sold off after the Fed’s announcement on Wednesday of raising interest rates 50 basis points.
It looks unlikely that crypto will decouple from tech stocks this week as both fall to pressure stemming from the Fed policies.
The markets consolidated this week as selling pressure fizzled and new upside momentum has yet to be found.
Bullish and bearish forces are once again at war over the market. So, for now, we’re stuck moving sideways.
Here are the key levels we’re looking at to determine the market’s next moves.
The one bearish headline this week barely made a dent in this rally’s momentum.
There’s no doubt that the U.S. dollar is stairstepping lower. But like the classic metal toy, it’s downright indestructible.
ETH broke above the top of its recent trading range a few days ago. Now, we’re waiting for a retest to confirm its strength.
Trading over the week was muted but showed some positive signs for the short term.
Despite the potential for an adoption boom, I’m not thrilled to see large institutions getting into the web3 space. And I’m not the only one.