BTC around 84–84.5k: broke out of the high-volume zone, but still hasn’t cleared the 84.9k ceiling
Three consecutive 4H candles from last night through this morning have touched 84.8–84.9k and then closed lower. None has closed above that level. Honestly, buyers are pushing, but they haven’t made it through yet.
Price has broken above the high-volume trading zone at 82–83.5k, where 91,700 BTC traded over two weeks, and is holding above the 4H EMA cluster around 82.1–82.8k. Above 84.5k, trading volume is thin, so a rejection here could send price back to 83k pretty quickly.
If price pulls back, I’m watching 82.1–83k, where the EMA cluster could provide support. A 4H candle close below 81.2k would invalidate the setup and effectively erase the entire three-day rally.
FOMC is just six days away, on October 27–28. According to a Reuters poll, 94 out of 100 economists expect the Fed to hold rates steady. CME FedWatch, as reported by Bitcoin.com News, puts the odds of a hold at 81%. The key thing to watch is the Fed’s tone on December.
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#Bitcoin #FOMC $BTC
Three consecutive 4H candles from last night through this morning have touched 84.8–84.9k and then closed lower. None has closed above that level. Honestly, buyers are pushing, but they haven’t made it through yet.
Price has broken above the high-volume trading zone at 82–83.5k, where 91,700 BTC traded over two weeks, and is holding above the 4H EMA cluster around 82.1–82.8k. Above 84.5k, trading volume is thin, so a rejection here could send price back to 83k pretty quickly.
If price pulls back, I’m watching 82.1–83k, where the EMA cluster could provide support. A 4H candle close below 81.2k would invalidate the setup and effectively erase the entire three-day rally.
FOMC is just six days away, on October 27–28. According to a Reuters poll, 94 out of 100 economists expect the Fed to hold rates steady. CME FedWatch, as reported by Bitcoin.com News, puts the odds of a hold at 81%. The key thing to watch is the Fed’s tone on December.
If you want to support the channel, drop a like and follow me.
#Bitcoin #FOMC $BTC