๐ฅ Bitcoin Found Support After FOMC: Weekend Analysis
A couple of days ago I made an analysis on my expectation about the price movement after Wednesday's FOMC meeting. The initial move was bearish, as expected, but the $18.5k support area held stronger than initially anticipated.
Most striking was how BTC held it's price relatively stable, while the stock markets faced heavy sell-offs after the FOMC. To me, this is an indication of short-term strength. So, my weekend projection will be slightly bullish.
In my view, BTC can see a minor weekend rally. I'm looking at a $20k target in case BTC breaks through the top purple resistance. However, a reversal would mean further consolidation within the current range.
Keep in mind that my long-term view is still bearish. Stocks are likely going to make new yearly lows, which means that BTC will follow at some point.
Most striking was how BTC held it's price relatively stable, while the stock markets faced heavy sell-offs after the FOMC. To me, this is an indication of short-term strength. So, my weekend projection will be slightly bullish.
In my view, BTC can see a minor weekend rally. I'm looking at a $20k target in case BTC breaks through the top purple resistance. However, a reversal would mean further consolidation within the current range.
Keep in mind that my long-term view is still bearish. Stocks are likely going to make new yearly lows, which means that BTC will follow at some point.
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