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: Coin360During 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.
BTC/USDT
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.
