Today is a big day as the FOMC meetings are taking place, and a potential rate cut decision could be announced. I'm here to remind you to manage your risks carefully in these volatile market conditions.
Once BPS makes their decision, you can expect significant market fluctuations, likely trending upwards. However, Powellâs speech could add further unpredictability, making today a particularly high-risk day for trading. That's why I recommend avoiding trades today. It's easy to lose your gains in the market, but much harder to earn them.
Bitcoin experienced a recent rejection from the established trend line. However, there's potential for this rejection to be a false breakout, indicating a continuation of the bullish trend.
Market Volatility:
Today's FOMC meeting is expected to introduce significant volatility to the market. Trade safe. $BTC
BTC recently tested and bounced off the crucial support level of 58,500, trapping short sellers. This marks the second time it has rebounded from the H4 EMA50, reinforcing a bullish trend.
While the overall trend remains upward, there's still potential for short-term volatility due to untapped liquidity and remaining short positions above the current price.
Altcoins are generally underperforming compared to BTC as BTC's dominance continues to increase.
Tomorrow's FOMC meeting is expected to cause significant market swings as traders anticipate liquidity shifts. Trade safe đ â€ïž #FOMC $BTC
RSR is currently pulling back, but the 0.0056 USDT level is a strong support area. We expect a bounce from this level soon, making it a potential entry point for a long position.
BTC is currently trading around $60K, having successfully breached the daily EMA50 and the H4 EMA200. This positive technical development suggests a bullish outlook. I anticipate BTC to reach $62K within the next 2-3 days. However, a healthy price correction is necessary to eliminate overbought positions, especially given the flat spot CVD. The market is currently being supported by limit buyers. If these buyers pull back, a price decline is likely. I estimate that the current short-term upside move is approximately 80% complete.