Last weeks high: $28895.5
Last weeks low: $27735.9
Midpoint: $26576.2
A week of sideways action following the previous weeks strong rally. BTC has currently topped out at a local high of $28895, the volatility of the FOMC event in the middle of the week gave us a sharp decline before a retest of that weekly high in which it was rejected.
With the estimated 0.25% rate hike being confirmed the market had this result priced in, but as always with the FED announcements like FOMC & CPI comes volatility no matter the resulting news.
Note the importance of the 1H 200EMA purple moving average as support, on 3 separate occasions it provided the best possible entries for longs last week. It will be interesting to see if this pattern continues throughout this week.
For me, the floor is at last weeks low, if Bitcoin falls under that area and confirms it as resistance that'll mean we've lost the 1H 200EMA as well and the outlook would be bearish in my opinion. After all this is still just a bear market rally until proven otherwise.
Last weeks low: $27735.9
Midpoint: $26576.2
A week of sideways action following the previous weeks strong rally. BTC has currently topped out at a local high of $28895, the volatility of the FOMC event in the middle of the week gave us a sharp decline before a retest of that weekly high in which it was rejected.
With the estimated 0.25% rate hike being confirmed the market had this result priced in, but as always with the FED announcements like FOMC & CPI comes volatility no matter the resulting news.
Note the importance of the 1H 200EMA purple moving average as support, on 3 separate occasions it provided the best possible entries for longs last week. It will be interesting to see if this pattern continues throughout this week.
For me, the floor is at last weeks low, if Bitcoin falls under that area and confirms it as resistance that'll mean we've lost the 1H 200EMA as well and the outlook would be bearish in my opinion. After all this is still just a bear market rally until proven otherwise.