The US Federal Reserve recently suggested keeping interest rates close to zero until at least 2023. The Bank of England took a step forward and said it could explore the possibility of cutting interest rates below zero to support the economy suffering from the Coronavirus. Britain’s exit from the European Union.

In other news, Kraken Exchange became the first digital asset company to be licensed as a bank in the United States. This is a big change from the days when traditional banks refused to support cryptocurrencies.

MicroStrategy’s massive acquisition of Bitcoin (BTC) is also a big step forward, as it will encourage more companies to diversify at least some of their cash reserves into cryptocurrencies.

All of these events are optimistic about cryptocurrencies in the long term, but negative sentiments continue to affect prices in the short term. Fortunately, like the market, the crypto markets will eventually respond positively to the current strong fundamentals and the trend will resume.

Let’s examine the charts for levels that indicate that the current correction may be over.

Bitcoin / USD
The bulls have failed to keep the price above the $ 11,000 level for the past two days, indicating that the bears are aggressively defending this resistance. On September 17th, Bitcoin formed an internal Doji candlestick pattern, a sign of hesitation between bulls and bears.

Both moving averages have settled and the RSI is close to 50, which also indicates an equilibrium between supply and demand.

If the price falls below current levels, the bears will try to cut the BTC / USD pair below the support of $ 10.625-10,500. If successful, this would indicate the bears are contracting aggressively during the current aid rally, and $ 9,835 is likely to be tested.

On the contrary, if the pair moves away from the support of $ 10.625-10,500, it will appear that the bulls are continuing to buy at higher levels.

A breakout and close (UTC) above $ 11,000 could push the pair to the downside. This level will likely act as strong resistance again, but if the bulls can push the price above it, there will be a rally to $ 12,460 on the chart.

Ether (ETH) has found support four times since 9/11, near support of $ 353,443, indicating that the bulls are on the decline. Buyers attempted to extend the rally higher sharply on September 17th, but were unable to break above the 50-day SMA ($ 391).

If the ETH / USD pair does not fall below $ 366, the bulls will work hard to remove the 50-day SMA barrier. If they succeed, it is likely to rise to the 61.8% Fibonacci retracement level of $ 419,473.

This positive outlook becomes invalid if the bears drop the pair below the support level of $ 353,443, because if this level is broken, the more aggressive bulls can close their positions in the short term. Next support on the downside is much lower at $ 308,392.

XRP / US Dollar
The repeated failure of the bears to drop XRP below $ 0.235688 drew the attention of the September 18 rallies to buying. However, the bears are yet to give up, trying to stop the movement on the 20-day exponential moving average. ($ 0.252).

If the XRP / USD pair falls from current levels, the bears will once again try to bring the price down below the support zone at $ 0.235688 – $ 0.229582. If they succeed, it will likely drop to $ 0.19.

However, if the bulls push the price above the 20 day EMA, it is likely to reach $ 0.268478. The bears are likely to defend strongly this level, which could hold the pair apart for several days.

The flat moving averages and the RSI indicator located just below the midpoint show the balance between supply and demand. The advantage will turn in favor of the bulls if they can steer the pair across the downside.

Polkadot (DOT) regained support from $ 4,921 on September 16, but the bears failed to push the price above the highest resistance to $ 5.5899, indicating that the bears are selling at higher levels.

If the DOT / USD breaks below the rising wedge and support at $ 4,921, it might drop to $ 4.50, then $ 4.00.

Source: CoinTelegraph