FOMC Day: Bitcoin’s Ride & Crypto’s Stall

 In yesterday's blog I dished out a heapin' helpin' of BIG TECH, $GDX Gold Miners, and even Crypto, so feel free to help yourself to seconds, if you haven't done so already! We covered a lot... 

Important Update on Ethereum, $GDX Gold Miners, and Google/ Alphabet

An addendum to yesterday's blog      

One thing that slipped my mind in yesterday's update is that Bitcoin continues to flirt with the 50 day moving average, and as I watched yesterday's action, it seemed like program buying was being triggered above the 50 sma. 

I didn't have much luck finding any relevant news that may have triggered a rally in Crypto, but I did notice the $USD getting hammered. If you may have any better luck finding a catalyst, than I did, then by all means, let me know! 

I also suggest you watch the $USD as Crypto tends to dance in the opposite direction... 

 A glimpse at Yesterdays wild ride       

 $BTC/ $EUR -  the chart shows Bitcoin $BTC/ $EUR whipsawing albeit in a tight range.

 

I would expect crypt markets to continue their wild ride, on today's FOMC statement, as most traders are planning to fade it.

 

Important Update on Ethereum, $GDX Gold Miners, and Google/ Alphabet

First off: 

 I called yesterday's pullback target on Ethereum, perfectly: 

Ethereum $ETH #Crypto bounces off my target 👋 pic.twitter.com/5lOGapQ0b6

— Veteran Market Timer (@3Xtraders) September 15, 2025

What I didn't share with the crypto trading community is that there is little support at that level. A breakout above a trend line, or a pattern line, doesn't carry as much weight as a breakout above key resistance, in a bull market, for instance. 

I think a lot of crypto traders are totally unaware that Ether actually topped out, back in November, 2021 (not a typo). Ethereum may have re-tested the '21 highs, but that retest is looking more like a double top than anything else.  

 

I'll bet you never hear the term retest, or double tops reported by the talking heads. They prefer terms like flirts with new highs, or "new highs!" (when reporting a retest), in order to spur animal instincts. Being the contrarian that I am, I see right through that bs.