As Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO:ETH) traded lower on Wednesday evening after the Federal Reserve’s January meeting minutes showed it was preparing to raise interest rates, four analysts and expert traders shared their thoughts on the two largest cryptocurrencies by market cap.
What happened: Cryptocurrency analyst Justin Bennett stated that Bitcoin needed to pull back $46,000 on a daily closing basis to confirm a bullish breakout and move towards the $50,000 region. He noted that the apex cryptocurrency’s annual $46,200 open will play a “critical role.”
Ethereum — which is trying to break out of a descending channel that extends from the November highs — may rise if it closes above $3,120, Bennett said.
A move in the US Dollar Index (DXY) below 95.13 followed by the removal of the 94.60 low would allow cryptocurrencies to move significantly higher in the coming weeks, noted the analyst.
$DXY reversal at just the right time.
— Justin Bennett (@JustinBennettFX) February 16, 2022
Cryptocurrency analyst Benjamin Cowen said on his YouTube channel that Ethereum breaking back above its bull market support band in the $3,400-$3,700 range and holding it as support would likely mean “good things” are coming for the crypto -change.
He noted that Ethereum is now approaching its 20-week SMA (simple moving average) of $3,700 and its 21-week EMA (exponential moving average) of $3,366.
—Benjamin Cowen (@intocryptoverse) February 16, 2022
See also: How to buy Bitcoin (BTC)
Pseudonymous cryptocurrency analyst Altcoin Sherpa said that while he still believed Bitcoin would retrace to its lows around the $35,000 region, he would change his mind if the cryptocurrency established a higher low.
For me it is very important to see where the bottom is printed. If we see some sort of higher low setting, maybe it’s just an upside and we’re setting up a bullish market pattern. I still think we will come back to these lows around 35k but I change my bias if we establish an HL. pic.twitter.com/0GmPVsgLAy
—Altcoin Sherpa (@AltcoinSherpa) February 17, 2022
Another pseudonymous analyst Credible Crypto said that as long as Bitcoin held the $42,000 region, the long-term wave structure (LTF) indicated that the apex cryptocurrency may be starting its next upward move.
“Strong up moves, shallow pullbacks, continuation.” As long as 42k holds the LTF wave structure indicates we are likely beginning the next push up. $BTC https://t.co/g9Z23HRKpG pic.twitter.com/fhi9bM7j1U
— Credible Crypto (@CredibleCrypto) February 16, 2022
price action: Bitcoin is down 0.6% in the past 24 hours, trading at $43,791.72 at press time. Ethereum is down 1.9% in the period at $3,094.83.
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