Bitcoin price was massaged lower in the week leading up to the Fed rates hike announcement, and then eagerly traded up on the day. The chart technicals implied a bull trap and the sound of a can being kicked was its closing bell.
Bitcoin Price Analysis
Time of analysis: 15h23 UTC
OKCoin 3Month Futures 15-Minute Chart
From the analysis pages of xbt.social, earlier today:
The Fed has declined their new unregulated shadow bank clients the lucrative opportunity of a rates hike. Its not a matter of if but when – and it was not yesterday. The bitcoin market got its knickers in a knot by trading price upward in anticipation of the announcement (as had been the game with Greece during July and August). Today we see the fallout and the large speculators must now sit on their cheaper bitcoins or sell them.
Yesterday’s assessment that the move higher was a corrective triangle has to be revised.
An Elliott Wave “triangle” can