Fed reaction is weak
Morning folks,
So, first dive has happened. While all other markets - FX, Gold, Stocks show positive reaction on Fed statement - BTC can't support the major trend. This is indirect sign of weakness. Now price mostly is supported by 4H K-support area that you could see in our previous update.
We do not see any reasons to take off the table our 28-28.5K target by far. To change the view we need stronger bullish context, reversal patterns that we do not have now.
Thus, let's see what will happen around 29.8K resistance area. Supposedly it might be interesting for another short entry. In a case of upside breakout, most probable destination point is 30.3K and context could start changing...
So, first dive has happened. While all other markets - FX, Gold, Stocks show positive reaction on Fed statement - BTC can't support the major trend. This is indirect sign of weakness. Now price mostly is supported by 4H K-support area that you could see in our previous update.
We do not see any reasons to take off the table our 28-28.5K target by far. To change the view we need stronger bullish context, reversal patterns that we do not have now.
Thus, let's see what will happen around 29.8K resistance area. Supposedly it might be interesting for another short entry. In a case of upside breakout, most probable destination point is 30.3K and context could start changing...
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.