Description
⋅ Hello, welcome to this BTC /USD 1DAY chart update by CRYPTOSANDERS.
I have tried to bring the best possible outcome to this chart.
CHART ANALYSIS:-Bitcoin ( BTC )continued to consolidate ahead of this afternoon’s third quarter GDP data from the United States.
This afternoon’s figures are expected to show growth of 2.9% in the quarter, as inflation in the U.S. began to slow down.
BTC/USD hit a high of $16,895.71 ahead of the data release, which is marginally higher than Wednesday’s bottom at $16,755.91.
Looking at the chart, today’s consolidation comes as the 14-day relative strength index (RSI) continued to hover near a support point at 46.00.
As of writing, the index is tracking at the 46.49 level and could be set to break out of this point at any moment.
Should this occur, bearish sentiment will likely return to the market, with prices heading toward $16,500.
This is not a piece of financial advice.
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