Fed Watch & Market Expectations ๐
This week all eyes are on the Federal Reserve's interest rate decision and the FOMC conference scheduled for Wednesday. With Jerome Powell's words looming large, it's a pivotal week for crypto traders.
BTCUSD Analysis: Weekly View ๐
Looking at the weekly chart, we previously discussed the potential for a weekly lower high near the $98K zone โ and itโs playing out. The price has been rejected from that area, and the bears are still holding strong.
Key Support: The $90K zone remains crucial. As long as Bitcoin stays above this level, thereโs still potential for bulls to defend the market. This level marks the breakout point from the previous range, making it a critical line in the sand for any further upside.
Daily Chart: Still Bullish but Cautious ๐บ
Bitcoin faced rejection at the daily supply zone, but the bullish structure is still intact. If we see a dip to $89Kโ91K (especially pre- or post-FOMC), that would present a solid buy opportunity. This zone is vital for both daily and weekly charts, and bulls must hold here to avoid further downside.
4-Hour Chart: Fake-Out Alert โ ๏ธ
On the 4-hour chart, Bitcoin marked a fake-out around the $96K zone, failing to push higher. If the price breaks below these lows, it could trigger a sharper correction. Until then, the bears still have control.
The Takeaway โ
As long as Bitcoin stays above $89Kโ90K on the daily/weekly charts, the bulls can maintain their position. Iโm waiting for a possible dip, aiming to liquidate late longs and find a buy entry at a stronger support zone.
Right now, Iโm on the sidelines, watching for price action. Whatโs your take on the market? Letโs discuss!
#Bitcoin #BTCUSD #CryptoAnalysis #CryptoMarket #BTC ๐ค๐