Bitcoin price toys with gravity after a non-committal Fed rates hold. Few large players, who have little perceived need for Bitcoin’s features, have any reason to hold a slumping commodity while stocks push to new highs.
Time of analysis: 15h00 UTC
From the analysis pages of xbt.social, earlier today:
The outlook remains the same as yesterday: the 1day and 3day charts are bearish, and we anticipate decline.
The 4hr candle chart MACD remains below zero. The proposal is that the market is denying decline with irrational psychology, but without institutional (whale) support. Hence, a sideways corrective pattern is forming until the sell-off below $640 kicks in.
$640 remains the critical pivot. While price remains above $640 the largest players can hold price above this level until, eventually, perhaps initiating an advance. Our xbt.social method dictates that we sell, but we’ll follow the whales and only fully commit if they concede decline below $640.
Bitcoin price remains in sideways indecision. Yesterday’ FOMC press release indicated that the Fed sees general improvement in the US economy but that they await further improvement to raise rates. Hence, there is a general perception of low risk in the glocbal economy which should see stocks rise and commodities, like gold and bitcoin slump.
What do readers think? Please comment below.
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Bitcoin price charts from TradingView.
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