Bitcoin daily chart explained
So, After Mr Powells speech of doom and Gloom, Bitcoin lost around -3.3%
PA wicked down to the 200EMA and bounced off that.
It is important for PA to remain above this level as it is also the neckline of the FTX Crash recovery. Dropping back into that area would not help Sentiment. this also happens to be the 382 fib retracement line. Usually acts as support.
RSI is low as is MACD and the signal line is approaching 0 so we may see a turn of trend soon.
there is little doubt that FED unsettled the markets yesterday but it was not a huge crash so we look ahead to today and see what they do next
DXY is going to be interesting
PA wicked down to the 200EMA and bounced off that.
It is important for PA to remain above this level as it is also the neckline of the FTX Crash recovery. Dropping back into that area would not help Sentiment. this also happens to be the 382 fib retracement line. Usually acts as support.
RSI is low as is MACD and the signal line is approaching 0 so we may see a turn of trend soon.
there is little doubt that FED unsettled the markets yesterday but it was not a huge crash so we look ahead to today and see what they do next
DXY is going to be interesting
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