The market is waiting for the next FOMC interest rate decision.
The market is trading on a side day, awaiting the upcoming FOMC interest rate decision and how the US central bank guidance will be implemented. The question and answer session is the most anticipated part of the day.
igCrypto
The daily chart for BTC is in a bullish falling wedge pattern at press time. This pattern is a reversal pattern, remembering that the price can break both ways.
Previously, the price broke a support that had been holding its price. Now, it is necessary to analyze if this movement is going to be a new bearish test, or if it is going to generate a more significant buying volume. The price, assuming the average of 80 periods, will present a higher purchase volume. However, in order to break through the resistance, one must once again be above the POC region of the VPVR indicator. So buying pressure will prevail on this move.
If the price manages to stay above this resistance of $17k to $18k, we can look for the projection that is around $24k to $25k, where the average of 200 periods approaches.
The RSI indicator respected its divergence at the bottom of $15k, RSI assumed the 50.00 region, which could bring a shorter period of movement higher to the 70.00 region which is overbought. Therefore, it is recommended that investors remain vigilant, in case the price reaches resistance in the above-mentioned regions, and the RSI indicator remains in the overbought region, as stronger selling volume may be forthcoming.
If the price respects the resistance in this zone of US$17k to US$18k and retraces below the average of 8 periods, we can look for new supports that are US$14k to US$12k.
Capaquelet
BTC is reaching the bottom of the falling wedge on the weekly chart. The data from the last FOMC meeting of the year (12/13 and 12/14 at 4:00 p.m.) will be decisive for the next movements.
An increase in volatility is close with the break, and the possibility of a new floor close to 10-12k, to seek liquidity and begin to reverse the trend, or if the data is favorable, it could break upwards. The first option would further drive the bullish move, as it would increase BTC’s dominance over alts, and significantly reduce the number of long-leveraged traders in the market.
AllanJhones
The bitcoin price continues its upward movement, after a day of “partying” in variable income assets, with US inflation data weaker than expected.
On the H4 chart of the Whitebit exchange, a “bullish flag” formation is in evidence, with the 9-period moving average reaching the current candle, creating a good chance that the rally will continue towards $20k. There is also a US interest rate decision and post-decision speech for the day, which may bring volatility.
By Audy Castaneda
