BITCOIN:: IS THE RECENT RALLY GOOD ENOUGH???
Welcome folks to this new update on BTC. I am gonna keep the chart clean and simple for you guys.
Timeframe: 3 Days.
Update: In my previous 4 hours update, I mentioned the drop between 20.1k to 20.7k and the volatility in the market after the FED news. Well, BTC didn't drop up to 20.1k but it drop up to 20.7k which was under the given range.
FED & FOMC News: With the FOMC press release, we saw the market taking a rally which was a surprise for many. After the recent FOMC news, BTC is 10% up ($21150 to $23480).
Current Scenario: In a 3-day TF, BTC is facing a slight resistance at $23150 where we have a 21 MA resistance. If BTC manages to break above this then we can expect BTC to reach the 28.7k to 31.8k, a psychological resistance level.
Conclusion: The entire market is pumped right now which is not natural. It is all because of the FOMC news released yesterday. There's no doubt that BTC can rally higher from the current level but a correction will be a perfect balance.
Key Point:
21 MA: Break out above it will boost the rally.
I'll update more on it in the coming time until then trade safely.
Thank you.
Timeframe: 3 Days.
Update: In my previous 4 hours update, I mentioned the drop between 20.1k to 20.7k and the volatility in the market after the FED news. Well, BTC didn't drop up to 20.1k but it drop up to 20.7k which was under the given range.
FED & FOMC News: With the FOMC press release, we saw the market taking a rally which was a surprise for many. After the recent FOMC news, BTC is 10% up ($21150 to $23480).
Current Scenario: In a 3-day TF, BTC is facing a slight resistance at $23150 where we have a 21 MA resistance. If BTC manages to break above this then we can expect BTC to reach the 28.7k to 31.8k, a psychological resistance level.
Conclusion: The entire market is pumped right now which is not natural. It is all because of the FOMC news released yesterday. There's no doubt that BTC can rally higher from the current level but a correction will be a perfect balance.
Key Point:
21 MA: Break out above it will boost the rally.
I'll update more on it in the coming time until then trade safely.
Thank you.
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