Bitcoin is at a critical juncture. The FOMC meeting is coming up this week, and what is said there by the Fed could have a big impact on markets. If the news is good on Wednesday, Bitcoin could fly. The altcoins primed to surge with it are $ETH, $SOL, and $BNB.
When $BTC was rejected from the top of its bull flag for the fourth time in succession, perhaps some fear and doubt crept into the minds of altcoin holders. That said, for institutions that recognise the worth of the altcoins with good fundamentals, these times can be great for taking them out of the weak hands.
$ETH could surge back to $4,000
Ethereum ($ETH) is the biggest of the altcoins, only second in market cap to Bitcoin itself. The smart money knows that the Spot Ethereum ETFs have been approved, and that it is only a matter of time before these are allowed to be traded.
Source: TradingView
The daily chart above shows that the $ETH price is currently at a good level of support at $3,700. Below this is the next support at $3,300, and finally at $3,000 down to $2,900.
Should the Wednesday inflation data remain in line with expectations, and the customary jawboning by Fed Chairman Powell not be too hawkish, the crypto market could catch a bid and $ETH could surge back up to $4,000.
$SOL at strong support
Source: TradingView
Solana is in a solid position right now. On higher time frames the level at $160 is still support. If there is good news this week, expect $SOL to move back into the descending triangle. A breakout beyond the down-sloping trend line would be extremely positive for continued bullish growth.
$BNB building price structure for move higher
Source: TradingView
$BNB is the farthest advanced of these three altcoins. The previous all-time high of $691 has already been broken, and new price discovery is just overhead. However, before entering that zone, $BNB is consolidating and building a base structure.
It may be that the price simply bounces from $644 and goes much higher, or some more concrete price structure could be built as the price goes sideways along the support levels. Also at a very strong level of support against its BTC pair, the $BNB price is currently in an uptrend against Bitcoin.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
