🔥 Bitcoin Retesting Channel: FOMC Fake Out WARNING 🚨
I've been fairly bearish since BTC failed to break through the top resistance of the channel a couple of weeks ago. However, BTC's price action this week seems promising at the very least, so we have to consider different outcomes at the very least.
My anticipation for the coming week is that we're going to retest the top purple resistance. We will get some decent volatility during tomorrow's FOMC, so a sudden bullish move is not ruled out.
With inflation rising again, there's little reason for markets to pump. So I will be looking for a sudden bullish move upwards during the FOMC, ideally getting above the resistance, and then reversing quickly, leading to a fake out. A perfect bearish trade would be to step in during the fake out and ride the bearish move all the way down towards 20k.
My bearish stance will chance as soon as we can get a weekly close above 30.5k. If the bulls manage to pull it off, I'll be looking at 32k and then potentially 35k. We are not there yet, though.
Interesting times ahead. Share your thoughts in the comments🙏
My anticipation for the coming week is that we're going to retest the top purple resistance. We will get some decent volatility during tomorrow's FOMC, so a sudden bullish move is not ruled out.
With inflation rising again, there's little reason for markets to pump. So I will be looking for a sudden bullish move upwards during the FOMC, ideally getting above the resistance, and then reversing quickly, leading to a fake out. A perfect bearish trade would be to step in during the fake out and ride the bearish move all the way down towards 20k.
My bearish stance will chance as soon as we can get a weekly close above 30.5k. If the bulls manage to pull it off, I'll be looking at 32k and then potentially 35k. We are not there yet, though.
Interesting times ahead. Share your thoughts in the comments🙏
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