Bitcoin Price Cautious Into Fed Announcement

Bitcoin price, like most markets, is crawling into Wednesday's Federal Open Market Committee rates announcement.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now.

Bitcoin Price Analysis

Time of analysis: 14h00 UTC Tuesday

Bitstamp 1-Hour Candle Chart

selection_20160920_003

From the analysis pages of xbt.social, earlier today:

The slow rate of progress in the 1hr and 4hr charts is likely to change in the coming 24 hours as a Fed rates announcement looms at 19h00 UTC tomorrow, Wednesday 21 September. Wider market consensus appears to be that the Federal Open Market Committee (FOMC) is unlikely to raise its funds rate tomorrow, and that the Committee will defer a rates hike to December.

The announcement should prompt the market to continue advancing toward $680 (Bitstamp) and for price to gain upward momentum into, or after, the event.

The support and resistance that should constrain price in the coming 24 hours are annotated with orange and green zones in the chart.

Summary

Bitcoin price meanders, yet, despite sluggish price action the 1day and 1week charts bias outlook to bullish. Wednesday's Fed rates announcement (scheduled for 19h00 UTC) should see the market gain volatility and eventual progress toward $680.

Bitstamp Depth Chart and Buy/Sell Volume

selection_20160920_002

Click here for the CCN.LA interactive bitcoin-price chart.

What do readers think? Please comment below.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.

Disclaimer

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.

This article is protected by copyright laws and is owned by CCN Markets.

About the author

Avatar
Venzen Khaosan

Market analyst and Open source developer with a keen interest in blockchain technology, consensus mechanisms and the decentralizing effect.

He has found a solution to the PKI mechanism. Email me to discuss.

Do NOT follow this link or you will be banned from the site!