Hawkish FOMC, new extension lower for BTC, or?

Bitcoin analysis with FMOC to come

Today's focus: Bitcoin

Pattern – Support break
Possible targets – 30,345 US – 27,500 DS
Support – 29,092 minor
Resistance – 30,344 – 31,360

With the FOMC coming out tomorrow morning and rates expected to rise by 25 points, will we see straight sets with the Fed still remaining hawkish? With Bitcoin looking rather vulnerable at the moment, could that set up a new push back to the main trendline?

Or if the Fed is more dovish, could that reignite buyer interests and move price back above the 30k level? Bitcoin broke support recently, and the worry for us is that the market could be looking for any reason to continue lower. A stronger USD could just be enough.

That’s the primary point of discussion in today’s video update, but we have also put in mentions of the USD index and gold as they both sit in inappropriate situations atm, with the USD starting to struggle in its comeback rally while gold continues to push at a new continuation.

Have a great day and good trading.