Hello everyone, dear colleagues!
Let's start the review right away with economic expectations from the USA. This week, on Wednesday, the entire market is waiting for the Fed meeting, J. Powell's speech and the interest rate decision. On Thursday, there will also be reports on unemployment and real estate sales on the secondary market. All these reports can very well shake the market, so be extremely careful when trading at local levels.
Since the last review, the asset has been held at $58K, and further, according to expectations, it has entered the $60K-61K zone.
Immediately after the weekend, we covered the imbalance that formed on impulse, testing the recently broken level of $58,500, from which at the time of the review we see a reaction from buyers, but at the same time the pressure from sellers does not fall.
If we look at 1D, the "Method of Three" model is currently being formed, in which today should not close below $58K and tomorrow should cover the entire decline over the past three days. Then a continuation figure will form and we can expect movement to the next resistance in the $65K area.
Now the price is in the middle of the descending channel, all three moving averages on 1D (21, 50, 200) are narrowing, RSI is also in the middle of the range, which causes a situation of uncertainty. It can shoot equally in both directions. I think the key factor for the outcome will be the Fed meeting this Wednesday.
Trade smart, be extra careful this week and don't forget to set your stop loss.
