🔥 Bitcoin Hugging Support In Anticipation Of FED Speech

٢٥ أغسطس ٢٠٢٢

BTC has been trading alongside the bear-flag's support for a couple of days now. In my view, this has to do with the upcoming speech from FED chair Powell.

Markets tend to move towards resistances or support in anticipation of news. The speech might give more insights on the FED's moves for the remainder of 2022.

If the FED is happy with what they see in the markets, they will most likely not announce anything special and repeat what they said during the last meeting. However, with the energy-crisis in Europe, oil on the rise and bond yields rising I'm expecting a slightly more hawkish stance from the FED.

Tomorrow will decide whether BTC will keep on trading inside the bear-flag, or break out on the bearish side. At the moment, I'm more in favor of a bearish break out, but we'll see how tomorrow goes.

My bearish target for next week is around 19k, in case of a bearish break out.