Bitcoin (BTC) is still hibernating, which we explained well enough yesterday. The Federal Reserve (Fed) has a meeting and we should know the result in the evening of our time. If the Fed raises rates exactly as expected, too much may not happen. But if they are more aggressive, we will probably be parachuted.
Respectively, we may be parachuted, even if they raise rates by the expected 0.5 percentage points. It will be market by market, I would say. On the stock market, those 0.5 percentage points are definitely priced in, but I’m not sure about bitcoin – we’ve been de facto at the same price levels since the beginning of the year.
Current situation at 1D BTC / USD
So for a few weeks, bitcoin has been constructing an easily identifiable pattern, which we call a falling wedge – you’ve probably noticed this pattern before. Either alone or somewhere on social networks. It circulates seriously everywhere. I draw patterns at the last minute, because I want to be absolutely sure that there is such a thing. The graphic patterns in the charts are quite tricky.
The falling wedge is inherently bull pattern. Therefore, in general, it is better to assume that the exchange rate will break upwards. In addition, the lower end of the unit is currently at the S / R level of 37,000 USD and the lower edge of the growing channel – another strong confluence. We must not forget that there is also a weekly 100 weeks moving averagewhich adds confluence to weight.
Therefore, it is quite logical that many speculate on reflection. We are on a relatively strong support, so the Risk / Reward ratio is definitely in favor of a speculator who is betting on growth. When he hits, he earns a lot. If not, the loss is relatively small – but if the gambl with a lever of 1: 100, then holt is unlucky.
Indicators
RSI indicator is still around 40 points for many days. That’s why the curve created a symmetrical triangle – you have to zoom in on it yourself to see it.
In conclusion
Bitcoin is pumping a bit at low time frames at the moment, but otherwise I don’t think much of a resolution coming during the day. Until we know the opinion of the FOMC, the markets will probably remain motionless.
Otherwise, after publishing the opinion, I will definitely write a separate article, where I will quickly and concisely describe what they came up with this time.
ATTENTION: No data in the video is an investment board. The analysis does not try to predict future price developments. It serves exclusively as educational content on how to approach the market. Before you invest, do your own research and analysis, you always trade at your own risk. The kryptomagazin.cz team strongly recommends individual risk considerations!
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