Bitcoin price retreats from $300

Bitcoin hit a high of $300 yesterday, but it only lasted for a short time after reaching the target. Bitcoin price is currently falling, and the 1-hour 20-period moving average and the floor support line may make traders feel a little relieved.

Bitcoin Price Analysis

Bitstamp 1-hour chart

 
From xbt.social report earlier today:

Yesterday's trend was volatile, jumping up and down in the range below $300.

As expected, the market is beginning to enter a crossfire mode, which can't help but remind everyone of the previous attempts at $300 from mid-March. Oddly, even though the market has already surpassed the psychological barrier of $300 earlier this month, yesterday's trading would have you believe that the idea of ​​a move above $300 is still a bit radical.

Our operating recommendations have always been open. We observe various signs of potential market reversal in the indicators. We expect that when the price falls to the floor support line of $287, it may not continue to sink. At present, the market bears are more likely to choose to exit after repeated failed attempts.

Today is FOMC day and the market is almost unanimous in its expectations of rising interest rates. We liken this scenario to a curveball as a possible outcome. The market may have lost its way as to whether the Fed should kick the can, but it could avoid an upward swing. The definite result is an increase in global monetary liquidity, increased physical lending by central banks, and increased volatility in the foreign exchange market. One of the results of this will be that the Bitcoin market should see an inflow of funds.

Be aggressive when the market is trending one way, and be conservative in volatile markets. - Vadym Graifer

Summarize

Bullish patterns don’t often and clearly show up on Bitcoin price charts, and the current conditions on the charts are unlikely to hold indefinitely. While most traders are bullish, the big players in this market are patiently waiting to get confirmation from their boss, the Fed Chairman, before committing client funds to an ETF. Whatever the outcome, the Fed’s announcement this afternoon will have a clear effect on the price charts.

Bitfinex order book depth chart and buy/sell volume indicator: