The cryptocurrency market is eagerly awaiting the FED interest rate decision and FOMC conference on Wednesday. Bitcoin's price action has been closely watched, and here's a breakdown of the current market situation:
Weekly Chart Analysis
Bitcoin's price has formed a potential weekly lower high around the $98k zone, which is a crucial level for bears to defend. As long as the weekly chart holds above $90k, the trend remains favorable.
Daily Chart Analysis
Despite a rejection from the daily supply zone, the structure remains bullish. A dip to the $89k-$91k zone this week, potentially triggered by the FOMC announcement, could present a buying opportunity.
4-Hour Chart Analysis
The 4-hour chart shows a fake-out, and a move below the $96k zone could signal further downside potential.
Market Outlook
As long as Bitcoin holds above the key $89k-$90k zone on both daily and weekly charts, the bulls remain in control. I'm looking for buying opportunities, particularly if price takes out the recent lows and experiences a sharp decline to liquidate late longs.
Your Thoughts?
What are your expectations for the market following the FOMC announcement? Do you think Bitcoin will break through the $98k zone or dip to the $89k-$91k range? Share your thoughts!