Please refer to our last post titled "BTC - Short Term Analysis"
In our last post we were predicting BTC would rally somewhere between $103.5k-$104.5k to retest our old support as potential new resistance.
So far this is exactly what has happened.
BTC rallied to $103.8k, retested our trendline as new resistance, and has already retraced back to $102k.
Until BTC's price can break back above that trendline price will remain in a short term bearish trend. This makes sense as FOMC is tomorrow and traders may be continuing to derisk until the interest rate decision is finalized.
Depending on the outcome of tomorrow FOMC, it could give the crypto markets the power to break back above that trendline and reflip the LTF into a bullish trend, or it may spark additional concerns leading us lower before finding more support in our demand zones.
In our last post we were predicting BTC would rally somewhere between $103.5k-$104.5k to retest our old support as potential new resistance.
So far this is exactly what has happened.
BTC rallied to $103.8k, retested our trendline as new resistance, and has already retraced back to $102k.
Until BTC's price can break back above that trendline price will remain in a short term bearish trend. This makes sense as FOMC is tomorrow and traders may be continuing to derisk until the interest rate decision is finalized.
Depending on the outcome of tomorrow FOMC, it could give the crypto markets the power to break back above that trendline and reflip the LTF into a bullish trend, or it may spark additional concerns leading us lower before finding more support in our demand zones.
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.
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.