Today’s View:
1. Last night, the Federal Reserve did not make any unexpected rate hike. The market is now correcting the selloff that overreacted earlier. For the moment, BTC is holding the support area around 63,200;
2. In the short term, BTC has only two possible breakout directions. One is a direct, volume-backed breakout above 64,700, followed by another push toward the prior high. The other is a volume-backed breakdown below 62,700; with a double-top confirmation, it would then begin a daily chart pullback;
3. Tonight’s PCE data could act as a catalyst for the move. Closely watch BTC’s turning/breakout direction and enter when the timing is right.
Note: Over the remaining two days of this week, the main factors that may interfere with the market are today’s PCE data and the situation involving the U.S.-Iran conflict. Please stay closely alert.
1. Last night, the Federal Reserve did not make any unexpected rate hike. The market is now correcting the selloff that overreacted earlier. For the moment, BTC is holding the support area around 63,200;
2. In the short term, BTC has only two possible breakout directions. One is a direct, volume-backed breakout above 64,700, followed by another push toward the prior high. The other is a volume-backed breakdown below 62,700; with a double-top confirmation, it would then begin a daily chart pullback;
3. Tonight’s PCE data could act as a catalyst for the move. Closely watch BTC’s turning/breakout direction and enter when the timing is right.
Note: Over the remaining two days of this week, the main factors that may interfere with the market are today’s PCE data and the situation involving the U.S.-Iran conflict. Please stay closely alert.