Last weeks high: $117,904.04
Last weeks low: $114,383.99
Midpoint: $116,144.01
A very interesting start to the week to say the least! In the opening hours of this week BTC has plunged 3% to tag $112,000, this comes off the rejection of $117,500 key level post FOMC.
The FED cut interest rates by 25bps as was expected by most, the resulting rally failed to break $117,500 resistance and rejected back to the origin of the rally at the 0.25 line. The dip from the opening hours of this week is in my opinion continuation of this rejection level. It is clear the bulls still don't have the firepower to break the range and push on, the question this week is where will BTC find support?
For me there are some key levels, 1D 200 EMA is still an option at $106,000, the daily local how at $107,500 could provide double bottom support. The Monday close will provide more context to this move, should the reaction be minimal and the daily candle closes as it is now the September curse could continue.
This week I'll be closely monitoring how altcoins react to this move, I believe the general consensus is that altcoins will outperform BTC in Q4. Historically the final quarter of the year has provided some great returns over the years, however that does not necessarily mean that will be the case this time around. If it does happen this dip may provide some good entries.
Good luck this week everybody!
Last weeks low: $114,383.99
Midpoint: $116,144.01
A very interesting start to the week to say the least! In the opening hours of this week BTC has plunged 3% to tag $112,000, this comes off the rejection of $117,500 key level post FOMC.
The FED cut interest rates by 25bps as was expected by most, the resulting rally failed to break $117,500 resistance and rejected back to the origin of the rally at the 0.25 line. The dip from the opening hours of this week is in my opinion continuation of this rejection level. It is clear the bulls still don't have the firepower to break the range and push on, the question this week is where will BTC find support?
For me there are some key levels, 1D 200 EMA is still an option at $106,000, the daily local how at $107,500 could provide double bottom support. The Monday close will provide more context to this move, should the reaction be minimal and the daily candle closes as it is now the September curse could continue.
This week I'll be closely monitoring how altcoins react to this move, I believe the general consensus is that altcoins will outperform BTC in Q4. Historically the final quarter of the year has provided some great returns over the years, however that does not necessarily mean that will be the case this time around. If it does happen this dip may provide some good entries.
Good luck this week everybody!
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.