Bitcoin weekly long Term chart Update
After 3 weekes of climbing, it maybe time for BTC PA to take a breather now while Sitting on the 1.236 Fib extension
The real question is, Will that Hold ?
We Have the FED coming out this week with latest Rate Hike. Expected between 25 - 50 Points, in which case markets will be OK, 75 and its a blood bath.
On the whole, as shown in previous chart, BTC PA is not really effected by rate hikes but on this occasion, it could be crucial that sentiment remains strong for BTC, even more so with that Death Cross trying to happen
On a positive note, BTC PA has crossed Long Term Resistance, Sentiment is positive and currently, seems to have avoided being trapped in that triangle with Apex at Red circle...which likely would have been rejection
Overall Still VERY Bullish
The real question is, Will that Hold ?
We Have the FED coming out this week with latest Rate Hike. Expected between 25 - 50 Points, in which case markets will be OK, 75 and its a blood bath.
On the whole, as shown in previous chart, BTC PA is not really effected by rate hikes but on this occasion, it could be crucial that sentiment remains strong for BTC, even more so with that Death Cross trying to happen
On a positive note, BTC PA has crossed Long Term Resistance, Sentiment is positive and currently, seems to have avoided being trapped in that triangle with Apex at Red circle...which likely would have been rejection
Overall Still VERY Bullish
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