FED interest rate decision and Fomc conference is due this week on Wednesday. It is one of those weeks where we all will wait what powell will have to say.
Lets Talk about Bitcoin now.
BTCUSD (Weekly)
As always we will start from the weekly chart.
We discussed in my last update that this is where a potential weekly lower high can formed and its also the last line to defend for Bears and they will not give up on it so easily we can see price got rejected from the $98k zone.
The Price is still under that territory and this zone still have the potential to mark a weekly lower high here.
Moving forward to the weekly chart besides this lower high zone.
As long as the weekly chart is holding above $90k i think its a fine chart because this is where price broke the range and reclaimed it so it think this is more important zone. And as a trader i think we can continue to look for buy opportunity at the lower timeframe zones as long as Bitcoin is above $90k on the weekly
BTCUSD (Daily)
Got rejected from the daily supply zone but the structure is still bullish. If we get a dip into $89k - 91k zone this week pre/post fomc. I think that would be a great opportunity to play a move. Why is that?
Because its an important zone to hold for bulls on both daily and weekly chart.
BTCUSD (4hr)
Got rejected from the daily/weekly zone, Marked a fake-out on the 4hr chart. I want to see it takes out those lows as log as its holding below that fake-out zone $96k ish.
This is it for the Bitcoin, I think the bulls are fine as long as it's holding above the key $89k-90k zone on daily/weekly chart. I will continue to look for Buy opportunities as long as its holding above.
Right now i am not in any trade. Looking for the price to take-out these lows and preferably a sharp move down to liquidate late longs.
I would love to hear your opinion on the current market situation.
