Bitcoin price action, where will the price go from here?
Updated
After the crash that happened around June 12th due to rise in inflation rate, we are almost in a similar pattern on the 4h chart, but within a different range.
Despite some fake breakouts, the price is ranging between 19k and 22k zone. The good thing is that a nice support is formed at 19k and if things go well with FED reports, there seems to be a short term bounce back. However, it is too premature to talk about a bull rally at this stage. The 19k support and 22k resistance should be watched carefully and if they are broken along with some confirmation candles, one can hope to enter a long or short position. The fear and greed index stands at 18, which is extreme fear. So it is wise to wait for the next federal reserve meeting and reports and see which scenario will be more probable.
Good luck
Despite some fake breakouts, the price is ranging between 19k and 22k zone. The good thing is that a nice support is formed at 19k and if things go well with FED reports, there seems to be a short term bounce back. However, it is too premature to talk about a bull rally at this stage. The 19k support and 22k resistance should be watched carefully and if they are broken along with some confirmation candles, one can hope to enter a long or short position. The fear and greed index stands at 18, which is extreme fear. So it is wise to wait for the next federal reserve meeting and reports and see which scenario will be more probable.
Good luck
Note
As we can see the 22k resistance is broken. Now wee need to wait and see if it consolidates above 22k and make a support there. this week FOMC meeting announcement can have a great effect on this. So have an eye on that.
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