Neutral Territory with Short-Term Bearish Trend Ahead of FOMC

Bitcoin's current price is $28070 with a -0.87% change in the past 24 hours. The Relative Strength Index (RSI) is at 61.5, which suggests that the coin is currently in neutral territory. Looking at the Fibonacci retracement levels on the 4-hour timeframe, we see that Bitcoin is currently trading below the 0.5 Fibonacci level at $26184, which suggests that the short-term trend is bearish. However, the price is still above the 1.618 Fibonacci level at $21069, indicating that the long-term trend is still bullish.

The upper Bollinger band on the 4-hour timeframe is at $28375, which is acting as resistance for the coin. On the other hand, the lower Bollinger band is at $26780, providing support. The middle Bollinger band, which is currently at $27577, is acting as a neutral zone.

The volume oscillator is at -1.36%, suggesting that the current trading volume is lower than the average volume. The Moving Average Convergence Divergence (MACD) is at 560, indicating that the short-term trend is bullish. The stochastic oscillator is at 73, which is a neutral zone.

The hourly Exponential Moving Average (EMA) 50 is at $26045, acting as support for the price. The On-Balance Volume (OBV) is at 2.598M, suggesting that there is bullish sentiment in the market.

The Federal Open Market Committee (FOMC) meeting is approaching, which could impact the price of Bitcoin. Traders should keep an eye on the news to get a better idea of how the market may move.

Comparing this analysis to the previous analysis, we can see that the current price has decreased from $34543 to $28070. The RSI has shifted from overbought territory to neutral territory, indicating a decrease in buying pressure. The Fibonacci levels have shifted, with the coin currently trading below the 0.5 Fibonacci level, indicating a short-term bearish trend. The volume oscillator has shifted from a positive reading to a negative reading, suggesting that the current trading volume is lower than the average volume. The MACD has shifted from a bearish reading to a bullish reading, indicating a shift in the short-term trend. Finally, the OBV has increased from 1.398M to 2.598M, indicating an increase in buying pressure.

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