a few weeks ago i made a post of a possible bitcoin crash that could happen due to CPI number release and TA. here is the post:
as we can see, price dumped hard.
although we have seen a massive dump over the last few days i do think this could change tomorrow, here's why:
interest rate hike:
the fed is expected to raise interest rates by 75 basis points tomorrow which will make markets move.
last time interest rates were raised (may 4th) prices did end up dumping but we could see a reversal start to take place this time around.
TA:
on a TA standpoint things are looking quite bullish! as we can see, last time we had a RSI crossover we did end up dumping and now we are getting another RSI crossover (bullish).
this is on the 4H timeframe so we could see a bit more downside before a huge reversal.
if tomorrows FOMC meeting does not go as planned we could see price drop to 18.8k. if everything goes well, we should see a reversal soon that should send us to 29k. if price starts to form consolidation or divergence i will make a post talking about possible downside.
as we can see, price dumped hard.
although we have seen a massive dump over the last few days i do think this could change tomorrow, here's why:
interest rate hike:
the fed is expected to raise interest rates by 75 basis points tomorrow which will make markets move.
last time interest rates were raised (may 4th) prices did end up dumping but we could see a reversal start to take place this time around.
TA:
on a TA standpoint things are looking quite bullish! as we can see, last time we had a RSI crossover we did end up dumping and now we are getting another RSI crossover (bullish).
this is on the 4H timeframe so we could see a bit more downside before a huge reversal.
if tomorrows FOMC meeting does not go as planned we could see price drop to 18.8k. if everything goes well, we should see a reversal soon that should send us to 29k. if price starts to form consolidation or divergence i will make a post talking about possible downside.