🔥 Bitcoin Indecision Ahead Of FOMC Meeting

24 июл. 2023 г.

Coming Wednesday there's another FOMC meeting by the FED. Here they will announce what the new interest rates are going to be. While the FED paused last meeting, the expectation is that they will announce another rate hike.

My expectation is that BTC will continue to consolidate around the current area, while traders are patiently waiting for the FED's decision. Furthermore, BTC's volatility is extremely low, which indicates that it's preparing for a big move, either up or down. See below for the volatility analysis, currently 3 days in a row extreme low volatility:

As seen on the chart, BTC is trading at a very strong area of resistance. The top resistance is an exact copy of the bottom support, creating a parallel channel. With the stock market severely overbought, the market risk is likely to the downside.

As long as BTC stays above the yellow support line, the intermediate trend is bullish. A break below this trend line could signal that ~31.8k was the 2023 top.

Are you bullish or bearish ahead of the FOMC? Share your thoughts 🙏