Federal Reserve Rate Cut Fails To Lift Bitcoin Price Past $118,000

Weekly expectations Bitcoin price

Bitcoin price closed last week at 115333 dollars, and the resistance level rejected $ 118,000. After three consecutive weeks of gains, Bitcoin Bulls finally lost Steam – and the federal backup rate was not sufficient to break 118,000 dollars.

The US Federal Reserve reduced the main interest rate by 25 basis points as expected, which provided a boost to the markets to close the week, but it was not enough. Bitcoin Price moved to $ 118,000 on Thursday after the Federal Reserve announced, but it was shyly returned from this critical resistance level. On Sunday, Close gave us the star of the archery star, which indicates a possible reflection of the price movement that is heading this week. The bears finally intervened to reduce Bitcoin’s gains after the assembly for 3 weeks by the bulls. We may see some renewable strength by the bears this week as they try to pay the price down to test modern support levels.

The main support and resistance levels now

If we look down, we look forward to the level of $ 111,300 as a possible support level. Bitcoin has already struck the support level after the big sale on Sunday night. Less than Bitcoin price of $ 111,300, we will look again to 21 EMA, which is currently $ 109,500, and enter this week. If the price is closed less than 21 EMA, it is unlikely that there will be 107,000 dollars, and we must look at the level of $ 105,000 to work as support.

The price was shattered directly through the support level of $ 113,800 on Sunday night, but we will search for Bitcoin to close it above this level to give some renewable power to the bulls this week. The next resistance level here is $ 115500. If we are able to establish these levels as support, we will search for another attempt by the decisive resistance level of $ 118,000.

Expectations for this week

Bitcoin witnessed a huge sale after the weekly closure on Sunday night, which raised the price of bitcoin to 111,800 dollars.

There are two ways to display this procedure. Fast price corrections such as this in upward environments often occur, so this week can be already present, and we can expect to see more bullish procedures for prices during the remaining period of this week. Another possibility is that this is just the beginning of renewing the declining direction, in which case we expect a slight apostasy from its lowest levels during the next day or so, followed by a continuous declining price to close the week. Therefore, to maintain the bullish bias this week, we want to see the price regains the level of $ 113,800, while the bears will try to pay the price beyond the support level of $ 11,1300 to maintain the declining bias.

Market mood: Harish- After $ 118,000 rejected DOJI candle from the archery star, the bears have come back to the current time.

The next few weeks

By expanding our view on Bitcoin price procedures in the next few weeks, we will look forward to creating a higher decrease in the weekly plan. If we are able to get any kind of reflection before the price reaches a decrease of $ 107,000, the bulls will get this minimum and will look forward to seizing again from the bears.

MACD is still a slightly declining position after crossing the landing at the end of August. This should help the bears to keep the defeated price while it is in place. Bolls will search for MACD to cross up in the coming weeks to give them more strength and help overcome the resistance level of $ 118,000.

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.

EMA: Si -moving average. The moving average that applies greater weight to modern prices is more than the previous prices, which reduces the delay in the moving average.

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: Average convergence convergence It is the oscillator of momentum that puts the difference between two moving averages to indicate the direction as well as momentum.