Bitcoin price action is awkward due to hesitancy and frequent profit taking. Yet, price has continued pushing higher all day and we look at the prospects going into tomorrow’s Fed Rate announcement.
Bitcoin Price Analysis
Time of analysis: 14h30 UTC
BTCC 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
The bitcoin price chart looks to be pushing higher despite tomorrow being a day best spent out of the market.
The trader’s objective is to get out of the market before a surprise forces him or her out. Of course, the market might fling to the upside and rally to an amazing new high, but this is not the probable outcome that makes us prefer a cautious approach.
The Fed has, in the past, disappointed market expectations, and also accidentally “leaked” information prior to an announcement. Being in the market with open positions exposes our account funds to unnecessary risk, so we’re looking for an exit.
xbt.social analysis identified a compelling buy signal