The Fed and Digital Currency: A Shot in the Dark

In a world that’s buzzing about digital currencies, the Federal Reserve—led by the ever-eloquent Jerome Powell—has slammed the brakes on any talk of launching a digital dollar. Powell cited looming cyber security threats as the potential party pooper for central banks looking to swagger into the digital currency realm. Meanwhile, across the ocean, China seems to have a different plan, possibly rolling out its digital currency by November 11. If successful, this could set off a chain reaction, forcing central banks worldwide to dust off their digital wallets.

Upcoming Events: Get Ready for the Roller Coaster

Mark your calendars, folks! The crypto world is bracing for some thrilling rides over the next few months. The launch of Bakkt futures is just around the corner, and when that hits, you can expect volatility to be cranked up to eleven. Both bulls and bears are gearing up for what could be a contest of epic proportions. Stay alert and keep your eyes peeled on those charts!

XMR/USD: Monero’s Climb or Just a Tease?

Brace yourselves, Monero enthusiasts! XMR has danced its way up, gaining almost 15% in a week. Is this the beginning of a new climb, or just a classic case of getting your hopes up?

• Currently forming a descending wedge, the breakthrough point is crucial. If it shatters that wedge, we could see it soar to $97.9733 and potentially reach $120.
• Traders, keep your buy orders tidy above that wedge, while keeping a wise stop-loss at $65.

But beware: if Monero doesn’t hold its ground, prepare for the bears to swipe everything straight back down to $40.

EOS/USD: A Possible Resurgence?

EOS isn’t lagging behind either, boasting a nifty 10% uptick in its price. Is this just a fleeting chance of recovery, or something steadier awaits?

• Currently, it’s hanging out in a descending channel, but the support at $3.1534 looks like it might be solid, having bounced back from there thrice since March.
• A breakout above the channel sets the stage for a leap toward $4.8719, where traders should stay ready for action.

BCH/USD: Can Bitcoin Cash Catch a Break?

Bitcoin Cash has been making headlines, especially with Fanduel jumping on the crypto bandwagon. With more businesses accepting BCH, the stage seems ripe for growth. But can it shake off its pesky head-and-shoulders pattern? If BCH hits $360, the bulls can take a victory lap toward $515.35. But falter below, and we might see it drop to $105. No pressure!

BTC/USD: The King Versus the Alt Coins

And here comes the big dog, Bitcoin, strutting with nearly 70% market dominance. Hedge fund wizard Cantering Clark suggests the altcoins might only catch a break when BTC either skyrockets past its highs or the dominance nosedives below the magical 40%. As Bakkt approaches, all eyes are glued to Bitcoin!

DASH/USD: Dash Digging for Gold

DASH is also making moves, teaming up with IQ CashNow to expand its merchant reach. While the fundamentals are sparkling, the technicals are a different story. Having dipped below the 78.6% Fibonacci retracement, it might be at risk of nosediving to $58.49 if it doesn’t recover soon.

As traders, it’s crucial to hang tight and wait for a fresh setup before diving in. The crypto waters can be murky!