Bitcoin - The Price Action Doesn't Reflect the Hype (BEWARE!)
This is the second bullish fed announcement we have received within a week and yet, the price is exactly where it was before the first announcement. Having consolidated above $22k for almost 3 weeks now, I would have expected us to be much higher than exactly where we started. To make matters worse, you can see where the price action has not broken out of the blue descending channel yet, and is also now below the previous orange ascending channel. We have a very big bearish Head and Shoulders set up if the price gets rejected to the downside.
PROCEED WITH CAUTION: With the news we have received in these last two announcements, I would think we would be much higher than where we are. Not to mention we spiked on the news and were rejected hard at channel resistance. Something doesn't seem right to me. And given the current bearish setup we have before us, be prepared in the event that we move downward and break the neckline around $22,600. I probably won't go long until we solidly break into the channel. I will also be watching the DXY. There's good reason to think it may have a little rally of its own after correcting 14% from it's high in September which would conversely push the DJIA and Bitcoin/crypto down.
PROCEED WITH CAUTION: With the news we have received in these last two announcements, I would think we would be much higher than where we are. Not to mention we spiked on the news and were rejected hard at channel resistance. Something doesn't seem right to me. And given the current bearish setup we have before us, be prepared in the event that we move downward and break the neckline around $22,600. I probably won't go long until we solidly break into the channel. I will also be watching the DXY. There's good reason to think it may have a little rally of its own after correcting 14% from it's high in September which would conversely push the DJIA and Bitcoin/crypto down.