After a bad reception of yesterday's FOMC meeting, both the crypto and the stock markets have been selling off. Consequently, BTC has lost the bullish diagonal support that has been helping the bulls, leaving the way open for the bears to step in.
In previous analyses I've talked about my bearish longer-term outlook, which naturally still applies. This analysis is a more short-term oriented trade.
I think that BTC will visit the September lows of 24.9k again, especially with such heavy losses in the stock markets.
Are you bullish or bearish? Share your thoughts in the comments 🙏
Hello, good time. I agree that the strict policies of the Federal Reserve continue, but the price of Bitcoin was supported below 25,000 last week and it was supported at the price of 26,500 for the past few days. I think money is coming from stocks and financial markets to crypto. . Good luck
FieryTrading
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@aliazmoon, Thanks for elaborating. I'm not sure if 25k and 26.5k are strong supports just because we didn't push through this week. You think money is coming in, but I see volume going down, so not sure if money will flow in.
alibaba118
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@FieryTrading In my opinion, Bitcoin has separated its way from stocks and... and money may even come from China. The Federal Reserve's policies will cause a severe recession in America in the future, but China's economy is very strong.
FieryTrading
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@aliazmoon, BTC has seperated itself from stocks because BTC was sleeping during the massive rally of stocks this year. I can imagine that BTC will dump even harder when stocks really will start to sell off. With the USA being the main driving force in investing in the world I highly doubt that a recession there won't lead to a bearish period for BTC.
brainyDove77783
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I say if btc fall to 24.9K the fall will continue to 22.5K and if btc reacts to the support 26.3 it will have a rise to 28.5K
FieryTrading
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@brainyDove77783, very possible, but I think that the downwards move has started. Look at the stock market for example, it has fallen through a bullish support which held all year.
brainyDove77783
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@FieryTrading 26.3K is very strong support, we should watch and see how btc reacts to this support, if thst breaks every falling or dumping is possible even to 18K