Bitcoin has rebounded around 1,000 points since last night, briefly breaking above the local high of the past two days. The pullback in crude oil has lifted market sentiment considerably, but there still hasn’t been any meaningful volume; most of the move is due to short-term bears closing their positions.
The key thing to watch now is the interest rate decision early this morning. Rates were raised by 25 basis points in September, bringing the target range to 3.75%–4.00%. CME expectations put the odds of rates remaining unchanged this time at nearly 90%, so the impact on the market should be relatively limited.
The earlier view was to watch for a pullback after a false breakout above 81, and that remains valid so far. There is considerable resistance overhead. You could trade around the overnight news; if price reclaims the daily MA30, it would be time to get in early. Use a tight stop and test the setup.
Intraday, look to short around 81,200–81,300; stop out if price holds above 82,000.
The key thing to watch now is the interest rate decision early this morning. Rates were raised by 25 basis points in September, bringing the target range to 3.75%–4.00%. CME expectations put the odds of rates remaining unchanged this time at nearly 90%, so the impact on the market should be relatively limited.
The earlier view was to watch for a pullback after a false breakout above 81, and that remains valid so far. There is considerable resistance overhead. You could trade around the overnight news; if price reclaims the daily MA30, it would be time to get in early. Use a tight stop and test the setup.
Intraday, look to short around 81,200–81,300; stop out if price holds above 82,000.
