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  • Bitcoin is wating for catalysts ahead of FOMC minutes.
  • Other major altcoins are blocked in tight ranges.

The cryptocurrency market has been lethargic in the recent days. Bitcoin and all major altcoins oscillating within tight ranges as traders struggled to decide where t go next, considering the high level of uncertainty on the global financial markets. The S&P500 is set to start the day in a red zone, while Gold has partially reversed the earlier gains as the market is waiting for FOMC minutes. Tratders hope to get some clues about what the central bank is ready to do to save the economy. 

According to the poll carried out by Bloomberg, the economists expect that FED will start controlling the yields for certain maturities. 

“Should curve control go global, it could spark a “buy everything” rally that ripples across credit, equities, gold and emerging markets.” 

Top-3 coins overview

BTC/USD has been sitting in a depressingly tight range since the beginning of the week. The psychological $9,000 serves as a strong support, while the upside is limited by $9,200.  A sustainable move in either direction is needed for the momentum to gain traction. At the time of writing, BTC/USD is changing hands at $9,150, has stayed mostly unchanged both on a day-to-day basis and since the beginning of Wednesday.

BTC/USD daily chart

ETH/USD settled at $227.50 having recovered from the intraday low of $224.21. The daily SMA50 at $225.00 serves as a local support for the coin, while the resistance is created by the psychological $230.00. The coin is locked in the narrow range with the bearish bias amid high volatility.

ETH/USD daily chart

XRP/USD is changing hands at $0.1750. The cryptocurrency recovered from the weekend low of $0.1690, but the recovery is capped by the local technical levels on approach to $0.1800. This barrier separates the price from an extended recovery towards $0.1900. The support comes at $0.1700.

XRP/USD daily chart