It's a big week for BTC. Things to watch this week:
-Will BTC move up to close above the 200 day average ($47,953)?
-BTC continues to trade down within a downward channel from all time highs, will it reverse?
-Will BTC see death cross if 50 day ($51,965) cross the 200 day ($47,953)?
-Since December 27th BTC has dropped and now trading in a tight wedge, would this Bear flag play out?
-Would the H&S neckline hold (neckline break will force BTC to test $30K and if it doesn't hold $18-20k might be tested)?
BTC needs more volume to come in or it might be hard to overcome these hurdles.
All these points are based on the daily chart. Have a great week!
-Will BTC move up to close above the 200 day average ($47,953)?
-BTC continues to trade down within a downward channel from all time highs, will it reverse?
-Will BTC see death cross if 50 day ($51,965) cross the 200 day ($47,953)?
-Since December 27th BTC has dropped and now trading in a tight wedge, would this Bear flag play out?
-Would the H&S neckline hold (neckline break will force BTC to test $30K and if it doesn't hold $18-20k might be tested)?
BTC needs more volume to come in or it might be hard to overcome these hurdles.
All these points are based on the daily chart. Have a great week!
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Major takeaway from FEDs meeting today is:
Market expectations currently are for the Fed to start raising its benchmark interest rate in March, which would mean that balance sheet reduction could start before summer.
My thought on what is next for Bitcoin:
With that being said growth stocks and crypto will feel the pressure. Currently BTC has broken the neckline and for any rally it needs to break and close above $47,800. Next I believe traders will try to sweep the December 4th candle wick of $40,829. If that doesn't hold, the road to $30K test will begin. All this needs to be supported by some MORE volume.
Market expectations currently are for the Fed to start raising its benchmark interest rate in March, which would mean that balance sheet reduction could start before summer.
My thought on what is next for Bitcoin:
With that being said growth stocks and crypto will feel the pressure. Currently BTC has broken the neckline and for any rally it needs to break and close above $47,800. Next I believe traders will try to sweep the December 4th candle wick of $40,829. If that doesn't hold, the road to $30K test will begin. All this needs to be supported by some MORE volume.