Bitcoin Pivotal Week Ahead
BTC has followed a descending parallel channel since Nov 2021 ATH shedding >52% in late Jan to.32.9k. Since the low, BTC rallied to a local high of 
48K in late March before resuming the gradual mark-down. Currently sitting >40% from ATH @ 38.8k.
Bitcoin Weekly Chart currently above 100 EMA while the 20 EMA has crossed below the 50.
Previous FOMC in early March following 25 bps hike, the market rallies in the face of a "hawkish sounding" Federal Reserve... casting doubt on the seriousness of reining in rampant inflation that's achieved highest levels in >40 years w/ no sign of slowing.
Critical juncture in price action, as BTC will likely put in a red daily candle Monday 5/2 and look for direction from the broader markets over May 3rd & 4th.
Potential for market upswing following the Fed's decisions is possible and would fall in line with March market response to Fed's seemingly hollow words.
The more like scenario is market realization that inflation is problematic and Fed's efforts to reduce central bank balance sheets via quantitative tightening has teeth and will continue the gradual market corrections we've seen in Q1.
Macro factors are indicating headwinds continue as GDP in Q1 was down, labor remains incredibly tight, prices remain unsustainably high.
Bitcoin likely to creep down to 35k range as the market considers Fed actions and decides on a direction.
48K in late March before resuming the gradual mark-down. Currently sitting >40% from ATH @ 38.8k.Bitcoin Weekly Chart currently above 100 EMA while the 20 EMA has crossed below the 50.
Previous FOMC in early March following 25 bps hike, the market rallies in the face of a "hawkish sounding" Federal Reserve... casting doubt on the seriousness of reining in rampant inflation that's achieved highest levels in >40 years w/ no sign of slowing.
Critical juncture in price action, as BTC will likely put in a red daily candle Monday 5/2 and look for direction from the broader markets over May 3rd & 4th.
Potential for market upswing following the Fed's decisions is possible and would fall in line with March market response to Fed's seemingly hollow words.
The more like scenario is market realization that inflation is problematic and Fed's efforts to reduce central bank balance sheets via quantitative tightening has teeth and will continue the gradual market corrections we've seen in Q1.
Macro factors are indicating headwinds continue as GDP in Q1 was down, labor remains incredibly tight, prices remain unsustainably high.
Bitcoin likely to creep down to 35k range as the market considers Fed actions and decides on a direction.
Powiązane publikacje
Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.