Wednesday Update - Will Jerome Powell kill the recovery?
Good afternoon
Since our last Sunday update, bitcoin declined slightly and left the diagonal for a moment, as of now we recovered a few hundred dollars and re-entered into this chart pattern. Under normal circumstances, I would now move on to highlight the possibility, that the wave movements of last week resemble a bullish wave (i) – wave (ii) setup.
However, the Federal Reserve will publish their newest interest rate decision this afternoon and, especially interesting, Chairman Jerome Powell will talk about the current economic situation. Some rumors emerged in the past days, and many investors expect the Federal Reserve to increase rates two more times by 25 basis points this year.
Investors would react positively if Jerome Powell would announce that no further hikes would be made in until Fall of this year.
The markets will be increasingly volatile and irrational, that’s for sure, so we won't publish a more detailed chart today!
To summarize what’s going on in bitcoin, we have one chance at making this bullish wave 5 happen. If bitcoin should crash this evening and even break below the highlighted support at 26’972$, then our alt.(2) would finally get activated.
It’s very likely that we will observe a clear decision about those two scenarios in the upcoming hours.
If you should face problems with the scaling of this chart, the normal scaled chart can be seen below.
Please note that we are already invested in Bitcoin since the 15th of June 2022, back then we announced our first positions on tradingview.
Long Bitcoin (BTCUSD)
AVERAGE EXECUTION PRICE: 20’714.20$
STOP-LOSS: NONE
LONGTERM TARET: +120’000$
Since our last Sunday update, bitcoin declined slightly and left the diagonal for a moment, as of now we recovered a few hundred dollars and re-entered into this chart pattern. Under normal circumstances, I would now move on to highlight the possibility, that the wave movements of last week resemble a bullish wave (i) – wave (ii) setup.
However, the Federal Reserve will publish their newest interest rate decision this afternoon and, especially interesting, Chairman Jerome Powell will talk about the current economic situation. Some rumors emerged in the past days, and many investors expect the Federal Reserve to increase rates two more times by 25 basis points this year.
Investors would react positively if Jerome Powell would announce that no further hikes would be made in until Fall of this year.
The markets will be increasingly volatile and irrational, that’s for sure, so we won't publish a more detailed chart today!
To summarize what’s going on in bitcoin, we have one chance at making this bullish wave 5 happen. If bitcoin should crash this evening and even break below the highlighted support at 26’972$, then our alt.(2) would finally get activated.
It’s very likely that we will observe a clear decision about those two scenarios in the upcoming hours.
If you should face problems with the scaling of this chart, the normal scaled chart can be seen below.
Please note that we are already invested in Bitcoin since the 15th of June 2022, back then we announced our first positions on tradingview.
Long Bitcoin (BTCUSD)
AVERAGE EXECUTION PRICE: 20’714.20$
STOP-LOSS: NONE
LONGTERM TARET: +120’000$
If you should have any questions regarding our analysis or elliot wave counts feel free to contact us.