BTC - Update2 - Support holding / Important Fed meeting Wed 28th
UPDATE 2
The current plunge stopped at just the right place... at the second upward trendline (purple). This is the lower trendline which extends back to last December, when BTC broke through its previous high of $20,000.
The plunge also stopped at a recent support line (green) at around $51,500.
Despite the severity and speed of the current plunge, BTC was saved by two support nets. This is good news. I don't think we'll see it fall below this area.
Also, the US Federal Reserve (central bank) meets April 27, 28, with a press conference scheduled for 2 pm eastern time on Wednesday 28. At the last Fed meeting and press conference (March 17), BTC shot up from $54,000 to $60,000 in a day due to the Fed Chairman's assurance that the Fed wants more inflation.
The same should happen again next week, since the Fed remains dovish and wants to continue stimulating the economy by keeping interest rates low, continuing its bond buying program, and coaxing inflation higher. This is bad for the USD, but great for equities and BTC. The press conference on the 28th could be big for BTC.
UPDATE 1
I just wanted to add that the blue and purple trendlines are the price's lower bounds. As is often the case, the price rises in bursts well above these trendlines . So BTC could very well hit $100,000 several weeks before September 1st, perhaps as early as June/July.
ORIGINAL
Despite some sluggish consolidation recently, BTC is still on its longer-term trendline (blue). This trendline started when BTC finally broke through its all-time high of around $20,000 back in December 2020.
From that point in December, we see two trendlines (blue and purple) which are quite close to each other. According to the higher blue trendline, BTC should hit $100,000 by September 1 of this year. According to the lower purple trendline, it should hit $85,000 by September 1.
Presently, BTC is close to the apex of a consolidating wedge (orange). It should break out of this wedge by the middle of this month.
So despite the recent stagnation, BTC is still on its aggressive path since clearing the $20,000 all-time high.
The current plunge stopped at just the right place... at the second upward trendline (purple). This is the lower trendline which extends back to last December, when BTC broke through its previous high of $20,000.
The plunge also stopped at a recent support line (green) at around $51,500.
Despite the severity and speed of the current plunge, BTC was saved by two support nets. This is good news. I don't think we'll see it fall below this area.
Also, the US Federal Reserve (central bank) meets April 27, 28, with a press conference scheduled for 2 pm eastern time on Wednesday 28. At the last Fed meeting and press conference (March 17), BTC shot up from $54,000 to $60,000 in a day due to the Fed Chairman's assurance that the Fed wants more inflation.
The same should happen again next week, since the Fed remains dovish and wants to continue stimulating the economy by keeping interest rates low, continuing its bond buying program, and coaxing inflation higher. This is bad for the USD, but great for equities and BTC. The press conference on the 28th could be big for BTC.
UPDATE 1
I just wanted to add that the blue and purple trendlines are the price's lower bounds. As is often the case, the price rises in bursts well above these trendlines . So BTC could very well hit $100,000 several weeks before September 1st, perhaps as early as June/July.
ORIGINAL
Despite some sluggish consolidation recently, BTC is still on its longer-term trendline (blue). This trendline started when BTC finally broke through its all-time high of around $20,000 back in December 2020.
From that point in December, we see two trendlines (blue and purple) which are quite close to each other. According to the higher blue trendline, BTC should hit $100,000 by September 1 of this year. According to the lower purple trendline, it should hit $85,000 by September 1.
Presently, BTC is close to the apex of a consolidating wedge (orange). It should break out of this wedge by the middle of this month.
So despite the recent stagnation, BTC is still on its aggressive path since clearing the $20,000 all-time high.
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