Bitcoin price slumped overnight. Markets are beginning to rear ahead of today’s Fed rates announcement.
Bitcoin Price Analysis
Time of analysis: 12h00 UTC Wednesday
Bitstamp 1-Day Candle Chart
From the analysis pages of xbt.social, earlier today:
Overnight, price sold off to support resistance at the previous low (horizontal blue zone). Although the move was anticipated in yestersay’s analysis, it is a pity to see this development in the chart since it tests our bullish outlook to its lower limit.
The prospect remains that the market will use the Fed announcement to continue advance, but traders should refrain from taking position until a direction is clear – possibly only tomorrow or on Friday.
Although at its lower limit, a bullish outlook remains valid:
A) 1day MACD remains above zero (magenta circle).
B) 1day stochastics are falling away from maximum (blue circle), yet, are flashing divergence (blue dots) – something that often (but not always) happens