Bitcoin Price Slumps On Rates Delay

In an important moment for global markets, and the bitcoin price chart, the Federal Open Market Committee steered clear of committing to a date for their first interest rate hike since the Fed adopted ZIRP several years ago. The Fed’s cautious stance calmed market nerves and Bitcoin price slumped in response.

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Bitcoin Price Analysis

Time of analysis: 07h31 UTC

Bitstamp 1-Hour Chart

Bitstamp 1-Hour Chart

From the analysis pages of, earlier today:

The analysis outlook that price would return to the support floor near $287 still holds and there is some concern that the move may pull price back into decline.

The market has failed to push above $300 and the structure of the wave, to date, reminds of the failed attempt on $300 back in March. The failure had seen the market fall into a long period of decline.

A similar decline, in the current chart position, is unlikely because of the bullish alignment of moving averages at the larger timeframes. It is

Read more ... source: CryptoCoinsNews