Bitcoin price forecast ahead of the Federal Reserve meeting

Bitcoin price forecast ahead of the Federal Reserve meeting
фото показано с : coinjournal.net

2023-5-3 10:53

Bitcoin finds resistance at $30k The neckline of a head and shoulders pattern provides support The realized HODL ratio suggests investors may buy the dip

The main event of the trading day is the Federal Reserve meeting. Most market participants expect the Fed to hike the interest rate by another 25bp, but the key would be how it communicates its decision. 

A dovish rhetoric should be bearish for the US dollar and bullish for Bitcoin, whereas a hawkish one would weigh on Bitcoin as the dollar would rally. 

Ahead of the Fed’s decision, Bitcoin struggles at $30k. It found it difficult to overcome horizontal resistance, and it formed a possible head and shoulders pattern. 

While incomplete, it may lead to further weakness should the price drop below the pattern’s neckline. In such a case, buyers are likely to emerge in the $24k area, where previous resistance may provide support. 

Bitcoin chart by TradingView

The realized HODL ratio for Bitcoin favors buying future dips

Also called the RHODL ratio, it has a simple interpretation. The market was overheating whenever the ratio reached the red band, meaning that the bullish cycle was ending. 

Conversely, the bearish market ends whenever it reaches the green band and a bullish cycle should start. Bitcoin rallied at the beginning of 2023 as the RHODL ratio indicated the end of the bearish market. 

Hence, any dip as a result of today’s Federal Reserve decision should be bought as RHODL has a lot of room until reaching the red area.

The post Bitcoin price forecast ahead of the Federal Reserve meeting appeared first on CoinJournal.

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reserve meeting federal bitcoin investors may suggests

Источник: coinjournal.net

reserve meeting → Результатов: 124


Bitcoin slides off Fed meeting before bouncing back, but what next?

Key Takeaways Federal Reserve hikes 25 bps, Bitcoin drops over 6% Bounceback in prices follow, however, as market bets on rate cuts down the line Bitcoin originally fell to $26,700 and is now back at $27,700 Tight monetary policy appears to be coming to a close, which is exactly what Bitcoin investors want to hear […] The post Bitcoin slides off Fed meeting before bouncing back, but what next? appeared first on CoinJournal.

2023-3-23 17:14


Фото:

Bitcoin will explode ‘north’ the moment the Fed glitches, says Novogratz

Bitcoin price will rally hard the moment the US Federal Reserve begins to dial down on its aggressive monetary approach, Mike Novogratz, the CEO of Galaxy Digital said on Tuesday. His comments come as the Fed begins its June meeting, with a 50 basis point rate hike on the table, but with market analysts pointing […] The post Bitcoin will explode ‘north’ the moment the Fed glitches, says Novogratz appeared first on Invezz.

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