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Assessment: The Fed told the market that cheap and easy money wasn’t coming as fast as the market would have liked…and we sold off on that news. The question will be how far the selling goes, or do the bulls rush in. I have been unimpressed by the bulls lately, but the bears aren’t showing much either. Bulls have a little oversold bounce today, but they need to get above yesterday’s high to change the picture…and so far they have not.
Path Predictor (BTC): https://sblk.io/s/N7nRCpCQsLcnFMO
Bitcoin bulls busted the resistance, but bulls then need to launch higher…so far they have not. They are coming back down to test that support of the key $42,024 pivot. Technically that’s bullish if it uses this support to spring higher. If instead we see price break down through that support…bears have the ball and that’s when selling could accelerate quickly.
Good luck in your trades!