$BTC Analysis 09/16/2024

#BTC , I wasn't surprised by the pullback it made over the weekend, note that since last week I've been talking about having a pullback to test the prices that were broken. We fell a little below the blue line I made on the chart, but we're still in that region and it still looks good, as long as we can recover $58K in the next 4 hours.

Today's movement was already expected, although the vast majority ignores it, however, it is at these current prices that we should have a good reaction, or things will get bad quickly.

We will have the decision on interest rates in the US on the 18th, so I'm not too worried about today's price, I'm more focused on tomorrow and the day after, of course. If we have a close today above $59K it will already be good, and that's exactly what I expect here.

It is worth remembering that:

No indicator will help you at this point, so keep things simple, as long as we are above $57K things are good, and below that, then we wait for the price to reach $56K for a new assessment.

Our direction here will be decided by this week's Economic data, and there is nothing we can do about it, so sit back and watch!

The big SPOT BUYERS like this price and are willing to buy here, this is good, and with the support of big "perp" buys positioned at $57K it is "easier" to push the price up, but we still need this to increase in the next 2 hours, to show some strength.

The big SELLERS make the same movement as always and quite predictably, since they are still positioned at $65K/$70K, with the spot sellers acting strongly at $60K.

Bears and Bulls are waiting for the FED to make an aggressive move, be careful!