Weekly BTC update
The layout on the 4H chart:
- In the short-term trend, a decline to 57,745 is expected.
- In the mid-term trend, a rise to 62,818 is anticipated, with consolidation above that level potentially leading to collection of liquidity above ATH, up to 74K
Key point: The Federal Reserve's decision on interest rates will be announced on September 18, 2024, at 18:00 UTC. The forecast is a 0.25% rate cut, though a 0.5% reduction is also possible.
Potential cut will boost growth of Bitcoin
- In the short-term trend, a decline to 57,745 is expected.
- In the mid-term trend, a rise to 62,818 is anticipated, with consolidation above that level potentially leading to collection of liquidity above ATH, up to 74K
Key point: The Federal Reserve's decision on interest rates will be announced on September 18, 2024, at 18:00 UTC. The forecast is a 0.25% rate cut, though a 0.5% reduction is also possible.
Potential cut will boost growth of Bitcoin
Note
Any significant negative news could trigger an alternative Head & Shoulders (H&S) pattern, with targets at 54,459 and potentially further down to 51K. However, this scenario is considered unlikely due to the generally positive market conditions.
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