The Fed Was a Non Event for Bitcoin

8d
LeoFinance
1 Min Read
206 words

Very well may be stating the obvious as the FED actions we got were basically what was priced in by the markets.

Now granted the equities markets are yet to open for today, so really we only got a couple hours of price action from those. Futures are pointing higher this morning though.

As for bitcoin, well it is just more of the same of late. We keep dancing with this 19K support with brief dips into the 18K area, such as yesterday after teh FED announcement.

I finally used that as an opportunity to grab some more in the 18's. Just a nibble as I keep dry powder for the chance we see much lower prices.

The Battle Continues..

image.png

Looking at the daily chart the main thing grabbing my eye is the descending triangle that commenced with the all time high back in November.

That is coming to a head in the next couple weeks and either price is going to finally break down or we will finally see a break out.

Well, hopefully one of those. My least favorite is when price just continues to grind sideways and pushes out of it to the right.

Should be interesting.

Posted Using LeoFinance Beta


This area has too much support to be pushed down by such an aggressively declining resistance. Hell, that line went from $69k to $20k in 10 months. It will be at $0 in another three months.

My guess is that the next CPI report will improve quite a bit and the FED will reverse course faster than anticipated. I think we got a bit unlucky with the last CPI and the next one will reflect that in the opposite direction.

Posted Using LeoFinance Beta

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