MΞRCΞK 1 minutes reading from Bitcoin

Bitcoin Price: FOMC HODL

FOMC hikes 75 bps as expected. Market reacted as usual. BTC price almost hit VAH, but unfortunately, the price fell below a local support (marked red one).

A Thread! (🧵 1/5) NFA & ALWAYS DYOR!

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1/ Local support one (marked red zone) will become resistance, if the price doesn't reclaim this level soon. Current price is below a local support, but i expect to break it out and see some kind of bounce before end of a week.

2/ From technical point of view, the price broke down a local support trend line and local support zone (marked red zone). The price bounced from ~20100 ( i mentioned this price level before). Yesterday's price action broke a bullish price structure (lower lows).

3/ The Wyckoff accumulation model is still valid- the price broke down a LPS, but i think the price will reclaim this level before end of a week.

4/ Volume profile is looking good. There is a volume gap above current price and it is sitting between 20600-20700. POC changed a bit and now it is sitting at 20700.

This post is based on this twitter thread.


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