๐ฅ Bitcoin Longer-Term Uptrend Still Intact: FOMC Uncertainty
The week has started quite bearish for BTC. Whilst we lost the immediate uptrend, the longer-term uptrend is still very healthy.
If we fall further, I think that the yellow support area will offer significant support which can cause BTC to move back up. Some serious bearish pressure needs to occur for BTC to fall through the yellow area.
However, this week is one of the most macro-news loaded weeks in recent memory, with three major central banks (US/UK/EU) announcing their interest rates decisions. If the reaction is bearish, I think that BTC will move all the way back to the red area.
Be careful this week.
If we fall further, I think that the yellow support area will offer significant support which can cause BTC to move back up. Some serious bearish pressure needs to occur for BTC to fall through the yellow area.
However, this week is one of the most macro-news loaded weeks in recent memory, with three major central banks (US/UK/EU) announcing their interest rates decisions. If the reaction is bearish, I think that BTC will move all the way back to the red area.
Be careful this week.
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