Bitcoin Is About To Turn Bullish!
Since Friday, Bitcoin made some considerable progress toward a bullish momentum.
During the last weeks, I've kept repeating two things that need to happen:
1 - A clear break above the 58.5 level â
2 - A decisive move above the middle trend line - sitting slightly above 60k đČ
Currently, Bitcoin is trying to achieve the second goal. If that happens, Bitcoin should quickly run toward the upper trendline of the descending channel (~65k).
The overall sentiment has started to turn bullish. Here are a couple of aspects that might drive the current price action:
âą Growing chances of a 50bps rate cut: Although the broader market could interpret this also bearish ("the FED knows more than they tell us"), the possibility drives the prices now.
âą Upcoming FTX Repayments (Check my profile for a complete article)
âą Technical Chart Aspects: Bullish MACD, bounce from the bottom trendline, bullish VMA, and many others.
Outlook
The ~60k level (middle trendline) is still the most crucial to watch. A break above will ignite a further rally until at least next week's Fed meeting. Conversely, a continuous rejection will most likely send BTC back to 57k.
Overall, all eyes are on the Fed meeting and announcement of rate cuts (Check my profile for a complete article).
One thing is clear: Next week will be everything but boring! Let's make the most out of it.
Enjoy your Sunday, BenÂ