Short term outlook on Bitcoin
From a TA perspective Bitcoin should just be slowly completing the fourth wave.
The Fed has a meeting on 12/15 regarding inflation, QE and Tapering, unless something surprises the classic markets, I think it should stick with the yellow option. However, if the stock markets continue to fall after the meeting, it is quite possible that they will take Bitcoin down with them to an important support for the continuation of the bull market at 52.8K where is the trend line. In this case, it may happen that the fifth wave will be truncated. And the chances of entering a bear market would increase significantly.
The Fed has a meeting on 12/15 regarding inflation, QE and Tapering, unless something surprises the classic markets, I think it should stick with the yellow option. However, if the stock markets continue to fall after the meeting, it is quite possible that they will take Bitcoin down with them to an important support for the continuation of the bull market at 52.8K where is the trend line. In this case, it may happen that the fifth wave will be truncated. And the chances of entering a bear market would increase significantly.
Related publications
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.