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Warming Up for FED Week
Compass

Warming Up for FED Week

Crypto Compass 91

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Swissblock Insights
Jan 29, 2024
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Swissblock Insights
Swissblock Insights
Warming Up for FED Week
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“Trading doesn’t just reveal your character; it also builds it if you stay in the game long enough.” ― Yvan Byeajee

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  • BTC has rallied a bit but really at this point, it’s just a continuation of recovering from the massive pullback that we had recently seen. Going forward, this is a scenario where we are now going to try to get to the top of what could end up being the overall consolidation range between $40k and $47k.

  • Ultimately, we have a situation where you continue to buy dips, but ultimately beyond that, we have a situation where market participants will continue to see a lot of volatility and if that’s going to be the case, then you will get the occasional buy on the dips opportunity present itself.

Figure 1: BTC’s market sentiment.
  • The $38k level is identified as a crucial support level, serving as the swing low that held up effectively in the previous market movement. Below this, the $35k level is considered a major floor, especially with the 200-day EMA approaching it, and a breakdown below $35k could signal the end of the current trend for BTC.

  • Short-term expectations include continued efforts to find consolidation, with attention focused on the $47.5k level, a significant point on the chart that has influenced recent price movements. A break above $47.5k could lead to a move toward the $52k level.

Figure 2: BTC's price evolution with Cipher B, RSI and ATR indicators.

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