Bitcoin (BTC) has less volatility, which was due to yesterday’s FOMC meeting expected. But it was nothing big, only a rebound from our monitored support of 47,000 USD. So can we now calculate that $ 47,000 is the local bottom? Otherwise, yesterday’s decision will be a central theme today’s shark stream. The Fed was basically not surprised, they did exactly what was more or less expected.
Current situation at 1D BTC / USD
From the price action of the last few days, it is clear that Bitcoin is forming a local bottom at $ 47,000. Respectively, the market is at least trying, but so far no technical progress has been made. In other words, the course is still close by support. In any case, there is support confluence strong, so from the beginning I give the stop a big chance.
But it was clear that the Fed was waiting for just that. They might have surprised something, which really didn’t happen. Personally, I expected their decision, and in general, it was really assumed that they would come up with a similar decision. So nothing is changing yet. The exchange rate no longer has much room to continue consolidation. There is support from below and from above we have a resistance diagonal. There is no more space, so hopefully we will see this week.
In conclusion
We will discuss the whole situation more in the evening stream. Let’s take a good look at what the Fed has actually announced. And above all, what the consequences may be. They take their foot off the gas, but it will be very slow. Therefore, it would be naive to assume that the whole market will suddenly collapse out of the blue. Rather, market performance will gradually slow down and then turn around. But we really keep that until the evening.
ATTENTION: No data in the article is an investment board. The analysis does not try to predict future price developments. It serves exclusively as an educational text on how to approach the market mentally. 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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