📌3 things to watch for ₿itcoin in the next 24 hours
Dear HODLers, Dear Bitcoiners,
The next 24 hours will be very important for the future of this bull run. I am going to list 3 hings that I am watching to understand where we are going next.
FED Commitee tomorrow
The Federal Open Market Committee(FOMC) is scheduled to meet on Tuesday and Wednesday to discuss policy.
Fed Chairman Jerome Powell will hold a press conf at 2 p.m. ET on Wednesday.
Any hint of early taper or rate hike could trigger risk aversion in financial markets, killing the nascent bitcoin recovery. Alternatively, a strong-worded commitment to keep the tap open would bring cheer to bitcoin and asset prices in general.
This is one of my main fear for Crypto and Stock Markets. If the FED hints that it intends to taper (hike rates) in the future even if very slowly.
I believe risky asset would take a hit (Tech stocks for example) and of course Cryptocurrencies including Bitcoin.
Bitcoin's dominance rate
Many investing firms claim that the fact that Bitcoin's dominance is under 50% is a bearish sign.
I am not sure of this take BUT it surely seems that most of the altcoins are still very overvalued and therefore, Bitcoin has to either go up a lot or Altcoin have to come down to come back to this 50%+ target.
Resistance is still HODLing
The main resistance at $41k is still there and despite our good bounce, I am not sure we will have the juice to break it just yet. Therefore if we don't, we might have to revisit lower supports in order to get some momentum to finally break it.
Bitcoin funds outflows continue
Despite Miscrostrategy's commitment to live and die by Bitcoin, it is clear that the outflow from Bitcoin funds seems to continue. I had the feeling first hand from friends and other investment professional I knew, that the consolidation has made them lose some interest.
Some of them also reached their stop-loss targets and therefore left with a loss the Crypto space.
Let's see what happens and I truly hope I am wrong, but I have this feeling that we might have to wait more before the Bull Market fireworks.
What is your opinion? I would love to hear it
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Consolidation below resistance is?....
Not good? I am not a technical analyst xD. Help me !
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Things may not come out as you expecteed.
Do they ever? :D
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I don't know, crypto is so unpredictable, and more and more people are joining this world.
Indeed, it can go either way but if Central Banks continue to be accomodating, this is good. Free money is good for limited supply assets such as Bitcoin :D
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Judging by the straight line you drew , the bullish trend will go way far if the candle stick forms and close above the resistance line, so it not so favorable now to enter the trade untill you have a clear entry point.
Another this you have to consider is the FED meeting that will hold on Wednesday, we will hope it will favour the uptrend if not the market will still be on a correction ie a bit bearish.
Indeed, this is the main thing to watch. The last inflation indicators were quite high (CPI, etc...). It seems inflation is really there and if it is the case, the FED will have to taper sooner or later which will put pressure on Bitcoin for sure :D
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The fed meeting will be a great one to pay attention to. Hope it doesn't turn out bad for BTC and cryptos.
With BTC struggling to get past 41k a spread of fud can cause a great setback
Let's see, BTC is clearly in wait and see mode.
So we will know much more in a few hours I guess.
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