Crypto green days: Major cryptocurrencies are forming topping patterns while the FOMC interest rate hike is just around the corner.
The total crypto market cap and Bitcoin are forming potential topping patterns, while a 75 BPS interest rate hike is expected on Wednesday.
The FOMC interest rate hike
The FOMC interest rate hike is scheduled for Nov. 2, Wednesday, at 2:00 PM EST. The FED chairman Jerome Powell will give a speech at 2:30 to conclude the session.
The FOMC will most likely raise the interest rate for a sixth consecutive time. The expected interest rate hike is 75 BPS. Generally, the market behaves neutrally or positively when the interest rate hike comes out as expected. But bears take over the market if the hike is more than expected.
Topping pattern in Total Crypto Market Cap
The Total Crypto Market Cap is forming a potential head and shoulder pattern with the neckline around $929.40B. The chart shows that the left…
