BTC-USDT couldn't hold above the mini-trend line and was rejected from the resistance line at $45800. The accelerated sell of was tied to the FED chair Jerome Powell striking a more hawkish tone today vs. yesterday (where he sounded more dovish).
BTC has been trading in a range between 35K-45K and we do not expect it to breach these levels until after the FED meeting this month. If the Ukraine-Russia war comes to an end before this meeting, would expect a hawkish FED with more than expected rate increase. Otherwise, expecting a 25 points increase as indicated by J. Powell yesterday.
BTC and alts might move into recover phase and start an uptrend after the FED meeting. As mentioned in previous posts, what FED does with the BALANCE SHEET is more important than the rate increase. If they decide to reduce the balance sheet and start selling assets that would mean withdrawal of liquidity from the markets, leading to an accelerated sell off.
Thank you for your continued support.
* Not a financial advice. Please do your own DD.
BTC has been trading in a range between 35K-45K and we do not expect it to breach these levels until after the FED meeting this month. If the Ukraine-Russia war comes to an end before this meeting, would expect a hawkish FED with more than expected rate increase. Otherwise, expecting a 25 points increase as indicated by J. Powell yesterday.
BTC and alts might move into recover phase and start an uptrend after the FED meeting. As mentioned in previous posts, what FED does with the BALANCE SHEET is more important than the rate increase. If they decide to reduce the balance sheet and start selling assets that would mean withdrawal of liquidity from the markets, leading to an accelerated sell off.
Thank you for your continued support.
* Not a financial advice. Please do your own DD.