Bitcoin price was closed last week at 115390 dollars, which briefly violated the resistance level of $ 115,500, as it was paid to the weekend, only to decline and close the week below it directly. Last week, it produced a strong green candle for bulls, while maintaining upward momentum this week. The US producers’ price index came much lower than expectations last Wednesday morning, giving Market Bulls hope for the decision to reduce the imminent prices by the Federal Reserve. The inflation data in the United States the next morning was lukewarm, as it recorded 2.9 %, as expected, but higher than the previous month’s reading by 2.7 %. The Federal Reserve will reduce its work this week at the FOMC meeting on Wednesday, as it must weigh the benefits and defects of the pieces or not. The market is completely expected a file Reducing the interest rate 0.25 % (As shown in Polymarket), so any frequency by the Federal Reserve is now possible to correct the market.
The main support and resistance levels now
When entering this week, the level of $ 115500 is the next resistance level that Bitcoin will look at the closure above. $ 118,000 will stand on the way above here, however. If Bitcoin is placed in another strong week, it is possible that the price is more than $ 118,000 to close it on Sunday. We must expect the sellers to intervene strongly there and pressure strikes to return some land.
If Bitcoin sees any twice this week, or rejects 118,000 dollars, we must look at the level of $ 113,800 for short -term support. Below there, we have a weekly support sitting at $ 111,000. There is likely to be a closure below to challenge a decrease of $ 107,000.
Expectations for this week
Zoom in the daily chart, bias is just a little decline until Sunday, after refusing it from $ 116,700 last Friday. This can quickly be due to a budget, though, if the price of the American stock market resumes on Monday as well. MACD is currently trying to keep the zero line and re -establish it as support for the momentum ascending to its appeal. Meanwhile, the relative strength indicator is dipped but still in a bullish position. He will look to 13 SMA for support if the sale is intensifying to Tuesday.
All eyes will be on the Chairman of the Board of Directors Powell and the Federal Reserve on Wednesday while speaking at 2:30 pm East. With anything else other than announcing a decrease of 0.25 % at 2:00 pm, it is likely to cause significant fluctuations in the market that will definitely outperform Bitcoin.
Market mood: Al -Saudi, after a weekly green candle in a row – expected for a level of $ 118,000 this week.
The next few weeks
Keeping the momentum of more than $ 118,000 will be a key in the coming weeks if Bitcoin can jump on this imminent obstacle in the near future. I expect Bitcoin to continue with $ 130,000 if it can create $ 118,000 in support again.
Assuming that the Federal Reserve rates are reduced this week, the market will then look to October to reduce the additional interest rate. Therefore, the supportive market data and continuous discounts will be very important for the Bitcoin price path to move forward, which will continue to rise to its highest new levels.
On the other hand, any major downward events, or the Federal Reserve Foundation surprised everyone by a decision not to reduce Wednesday, will definitely send bitcoin to support levels.
Terminology guide:
Bulls/Saudi Arabia: Buyers or investors expect the price to rise.
Bears/landing: Sellers or investors expect a decrease in the price.
The level of support or support: The level in which the price should be carried to the original, at least in the beginning. The higher the touches of support, the more weaker, the more it will fail to keep the price.
Resistance or resistance level: Reverse support. The level that is likely to reject the price, at least in the beginning. The higher the touches in the resistance, the more weaker, the more it will fail to curb the price.
SMA: basic Moving average. Average price based on prices closing during the specified period. In the case of RSI, the average value of the strength index during the specified period.
Oscillator: Technical indicators that differ over time, but usually remain within the range between the specified levels. Thus, it swings between a low level (usually represents excessive conditions) and a high level (usually the excessive purchase conditions). For example, the RSI and the average convergence of medium rapprochement (MACD).
MACD oscillator: The transfer of moving average convergence is the oscillator of momentum that puts the difference between two moving averages to indicate the direction as well as momentum.
RSI oscillator: the The relative strength index is the momentum that moves between 0 and 100. It measures the speed of the price and changes in the speed of price movements. When RSI exceeds 70, it is considered peak peak. When RSI is less than 30, it is considered large sums.
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