Bitcoin price is trading sideways below $500 after the Fed fulfilled market expectations by raising its Fund Rate by 25 basis points.
Bitcoin Price Analysis
Time of analysis: 15h00 UTC
BTCC 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
The rates “lift-off” is now a fact and a new economic era has begun. For how long it will go the way the Fed anticipates remains to be seen. In the meantime a US dollar rally is inevitable and bitcoin seems to be following the dollar higher.
The bitcoin price chart is bullish at all timeframes, and the 15-inute timeframe (above) shows bitcoin consolidating to its 200-period moving average as the MACD indicator (top) is drawing closer to its zero line inside narrowing Bollinger Bands.
The chart condition implies a breakout in the coming days.
Yesterday’s sell-off was rapidly retraced into the Fed announcement and the price pattern is consistent with a basing process into a new wave of advance.
These patterns of sell-off, consolidation, then advance have been happening throughout 2015, but the amplitude of price movement is ever larger.
Going into 2016 it will be important for traders to refine their targeting skills, since the sell-offs often retrace large price distances that can wipe out profit that have not been locked in by a suitable technique. xbt.social focuses on getting traders into the most certain advancing waves and keeping profits secured whatever the eventual target.
Bitfinex Depth Chart and Buy/Sell Volume
What do readers think? Please comment below.
Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.
The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.
Bitcoin price charts from TradingView.
Image from Shutterstock.
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