Last week, the FOMC announced its decision to raise interest rates, economic projections and midpoint of target range or target level. A hike of 75 basis points was in line with market expectations. But the Fed lowered the economic forecast and forecast an unemployment rate of 4.4% in 2023. Throughout U.S. history, as long as the unemployment rate is above 4%, it will trigger a recession. A soft landing may not happen. Even worse is the midpoint, this time the 2022 terminal rate is a full 100 basis points higher than that given in June, which shows that the FOMC in November and December is still hawkish. The reversal point will come in 2024. As soon as the news came out, non-dollar assets all fell, and the market bottom may not have come yet.
BTC’s bullish power increased after falling below the support level last week. The green candles on Sep. 23 and Sep. 26 pulling prices back into the given range. We can see a lot of shadows on last week's chart. The bears didn't dwindle ahead of Monday's rebound, though some long-term investors see 19,000 as a cheap price. This situation has occurred many times within the 3-month period. On Sep. 26, the price rose with high volume, and the price is now rebounding above the given resistance level.
Conclusion: Mostly fluctuation. We maintain our previous support level at 19000 and resistance level at 20000. While the bulls is strong, there is no confirmation, and over the course of the early last week, we did not see a decline in the bears. This time the 19000-rebound does not have a good foundation, so we give this conclusion. If the price can stabilize at 20,000 in the next few days, it will continue to remain fluctuating. If the price falls back quickly, a new bottom could be in sight.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
BTC’s bullish power increased after falling below the support level last week. The green candles on Sep. 23 and Sep. 26 pulling prices back into the given range. We can see a lot of shadows on last week's chart. The bears didn't dwindle ahead of Monday's rebound, though some long-term investors see 19,000 as a cheap price. This situation has occurred many times within the 3-month period. On Sep. 26, the price rose with high volume, and the price is now rebounding above the given resistance level.
Conclusion: Mostly fluctuation. We maintain our previous support level at 19000 and resistance level at 20000. While the bulls is strong, there is no confirmation, and over the course of the early last week, we did not see a decline in the bears. This time the 19000-rebound does not have a good foundation, so we give this conclusion. If the price can stabilize at 20,000 in the next few days, it will continue to remain fluctuating. If the price falls back quickly, a new bottom could be in sight.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
