Bitcoin fell 0.8% to $47,737 on Thursday, September 16. Price action stalled due to a rally in the dollar ahead of the Fed’s meeting next week. Against this background, the price dropped to $47,021 from 48557 (-3.16%). In the absence of positive news, buyers were quickly blown away.
Crypto buyers have been on edge recently as Ether has dropped 7.5% from a high of $3,676. In my opinion, jittery trading will continue until Wednesday (September 22), at which time the Fed is expected to decide on tapering stimulus.
Ether broke through the $3,450-3,475 support zone. Given how it fell earlier, the risk of a decline to $3,300 has increased. The dollar has reverted to a correction today. Buyers have until the end of the day to turn the situation around – to close the session above $3,550. Otherwise, over the weekend, sellers will take out all the supports that formed during the advance from the $3,108 low.
Bitcoin has support at $47,000. If the price drops below that level, it could decline to $45,800. The VIX greed and fear index remains in neutral territory (48), so theoretically the market could move in either direction.