The cryptocurrency markets and the United States equities markets witnessed profit-booking this week as the macroeconomic data hinted toward continued rate hikes by the Federal Reserve. Bitcoin (BTC) is down more than 4% and the S&P 500 fell 2.7% to record its worst week of the year.
The CME FedWatch Tool shows a 73% probability of a 25 basis points rate hike by the Fed in the March meeting but after the hotter-than-expected inflation readings in two weeks, the probability of a 50 basis point rate hike has started to slowly gain traction.Crypto market data daily view. Source: Coin360
During periods of uncertainty, some coins enter a deeper correction while a few buck the trend and continue to outperform. Hence, it becomes important to select the right coins to trade.
A few coins that have witnessed a shallow correction or have bounced sharply off the support have been selected in this list. Let’s see their charts and determine the levels to watch out for.
Bitcoin plunged below the 20-day exponential moving average ($23,391) on Feb. 24 but the bears could not build upon this advantage and sustain the price below the strong support at $22,800.