MΞRCΞK
MΞRCΞK 1 minutes reading from Bitcoin

FOMC Day 2: Bitcoin Price Holding Local Support

Currently, we are seeing some kind of consolidation around a local support (marked red zone). Today is FOMC meeting (2PM ET) and I'm expecting crazy volatility during an event.

Bitcoin BTC FOMC

From technical point of view, the price retested a local support and bounced few times, which is good sign for short term moves. Another good sign here is that the price is bouncing from support trend line.

The bad sign here is that the price cant manage to make another local higher high (the price is forming lower highs, which is bearish signal). The price rejected POC (it is reacting as resistance).

Volume profile is looking good around a current price. We can see good volume around a current price, which is good sigh for trading interest.

There is no volume gap around a current price (it looks like there is big volume gap below 20k, but its not. It shows like this, because this is VRVP (visual range volume profile).

NFA & ALWAYS DYOR!

This post is based on this twitter thread.

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