Powell will speak tonight. Can BTC break through resistance?
Powell will speak at 22:00. I think it is unlikely to rise. Pay attention to the key points.
The price range of 63,000 to 63,500 is a big obstacle.
If BTC cannot break through this resistance zone this week, then the 200-day moving average may cross the 120-day moving average next week, forming a not-so-good "death cross" signal, and the market may not look good at that time.
If Powell's words make the market optimistic and the BTC price can break through the key resistance, there is still a lot of room for price increase. But if it is just a short-term rise and then fall back, BTC may have to fluctuate in a large range, probably between 55,000 and 63,000. Among them, the price of 58,900 may play a supporting role in the range.
If the market reacts poorly to his speech and the BTC price falls, then pay attention to the support level of 58,900. If the price falls below this support level and does not rebound, BTC may have to fluctuate in a lower range, about 55,000 to 58,900. And the price may continue to fall over time.
In the short term, you can pay attention to the 4-hour resistance level of 61,900 and the support level of 60,300. But Powell's speech tonight may cause the market to fluctuate more, so the reference value of these prices may be reduced.
Judging from the RSI index of 51.6, the market did not show a strong bullish sentiment before Powell's speech, and everyone was more cautious.
To sum up:
Powell's speech tonight may determine the trend of BTC in the future, whether it is in a large fluctuation range or a small fluctuation range. A large range may have more opportunities for traders, while a small range may be more dangerous. So, everyone should keep an eye on it tonight!
