BTC continues to move sideways after the Fed session, this is an important area to watch out for
The market has stabilized over the past 24 hours as most coins are either trending slightly up or sideways.
This may be due to the Fed’s relatively positive decision at the latest meeting. Bitcoin surged nearly $ 3,000 shortly thereafter and pulled back with the rest of the market.
Technical analysis (medium term)
Let’s take a look at the daily chart. During the previous market correction, price broke a downtrend line rising around 11% before returning to confirm it as a support and spike. This move resulted in a new ATH. During the recent market correction, price also retests the downtrend line that it previously broke out in support. If the price jumps from here, BTC will likely make a new ATH, just like it did with the previous step.
BTC / USDT daily chart | Source: TradingView
Technical analysis (short term)
Despite the recent rally, Bitcoin still failed to make any higher high. And it looks like there are still no signs of a bullish reversal in the low timeframe.
The $ 50,000- $ 53,000 zone remains strong resistance on BTC’s upward trajectory, and a breakout could restore hope for a continuation of the bullish trend.
BTC / USDT 4-hour chart | Source: TradingView
Onchain analysis
Looking at Realized Cap’s 7 Day Oscillator (7D Oscillator), it becomes clear that Bitcoin is experiencing some significant losses. Similar to May 2021, this momentum could be constrained before rising again.
Source: CryptoQuant
To determine which group of investors is suffering the big losses, we can look at STH-SOPR. The overall trend is currently fluctuating less than one, which means that short-term investors are selling at a loss.
Source: CryptoQuant
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Author
Bitcoin
BTC continues to move sideways after the Fed session, this is an important area to watch out for
The market has stabilized over the past 24 hours as most coins are either trending slightly up or sideways.
This may be due to the Fed’s relatively positive decision at the latest meeting. Bitcoin surged nearly $ 3,000 shortly thereafter and pulled back with the rest of the market.
Technical analysis (medium term)
Let’s take a look at the daily chart. During the previous market correction, price broke a downtrend line rising around 11% before returning to confirm it as a support and spike. This move resulted in a new ATH. During the recent market correction, price also retests the downtrend line that it previously broke out in support. If the price jumps from here, BTC will likely make a new ATH, just like it did with the previous step.
BTC / USDT daily chart | Source: TradingView
Technical analysis (short term)
Despite the recent rally, Bitcoin still failed to make any higher high. And it looks like there are still no signs of a bullish reversal in the low timeframe.
The $ 50,000- $ 53,000 zone remains strong resistance on BTC’s upward trajectory, and a breakout could restore hope for a continuation of the bullish trend.
BTC / USDT 4-hour chart | Source: TradingView
Onchain analysis
Looking at Realized Cap’s 7 Day Oscillator (7D Oscillator), it becomes clear that Bitcoin is experiencing some significant losses. Similar to May 2021, this momentum could be constrained before rising again.
Source: CryptoQuant
To determine which group of investors is suffering the big losses, we can look at STH-SOPR. The overall trend is currently fluctuating less than one, which means that short-term investors are selling at a loss.
Source: CryptoQuant
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Other Posts
Related Posts
Latest
$115M Success Story – Once an Underdog Here’s How BlockDAG Has Gone a Leg Up Against Archrival Kaspa
Why Do Analysts Believe This is the Best Crypto to Join Right Now? Top Coins Set to Explode!
Press Release
$115M Success Story – Once an Underdog Here’s How BlockDAG Has Gone a Leg Up Against Archrival Kaspa
Why Do Analysts Believe This is the Best Crypto to Join Right Now? Top Coins Set to Explode!
