Last weeks high: $97,941.18
Last weeks low: $92,845.16
Midpoint: $95,393.17
FOMC week returns once again on Wednesday, the forecast suggests no change to the interest rate is expected with 4.5% staying as is. The tariff acceleration we saw last month brought into question the timing of rate cuts and if they would be brought forward, it looks like this FOMC is too early to see a cut but it is coming in the future if president Trump gets his way.
The chart is an interesting one but one that isn't too surprising. The orderblock that sent Bitcoins price to $74,500 was at ~$97,000, naturally that area would be major resistance and so a huge amount of Stop Losses were placed there, price swept that supply zone wiping out SL and SFP back under the resistance zone, a textbook move.
An accumulation under the resistance area would be a sign that the bulls are building to flip the zone, however a gradual sell-off from here would then look like a HTF lower high, a very bearish pattern.
Going into the FED interest rate decision there is usually a lot of de-risking/ sidelining from traders until the decision is made, therefor the second half of the week would give us more directional information.
Last weeks low: $92,845.16
Midpoint: $95,393.17
FOMC week returns once again on Wednesday, the forecast suggests no change to the interest rate is expected with 4.5% staying as is. The tariff acceleration we saw last month brought into question the timing of rate cuts and if they would be brought forward, it looks like this FOMC is too early to see a cut but it is coming in the future if president Trump gets his way.
The chart is an interesting one but one that isn't too surprising. The orderblock that sent Bitcoins price to $74,500 was at ~$97,000, naturally that area would be major resistance and so a huge amount of Stop Losses were placed there, price swept that supply zone wiping out SL and SFP back under the resistance zone, a textbook move.
An accumulation under the resistance area would be a sign that the bulls are building to flip the zone, however a gradual sell-off from here would then look like a HTF lower high, a very bearish pattern.
Going into the FED interest rate decision there is usually a lot of de-risking/ sidelining from traders until the decision is made, therefor the second half of the week would give us more directional information.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.