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Wednesday Update - Bitcoin

Bitcoin 1D Chart - Bitcoin (Bitfinex)

Good morning America!

The work hours are coming to an end here in Zurich, and meanwhile our American friends are starting their work day. But don’t be fooled, today is a very important day because the Federal Reserve will announce their Interest rate decision and investors all around the world are eager to hear some comforting words from Chairman Jerome Powell.

I will be watching this decision very closely, and personally I expect that the FED will raise interest rates by 25bps. There’s also a possibility that the FED won't raise rates at all this Wednesday. However, it will be of greater importance what Jerome will announce to the public, and I am thrilled to see what path will be chosen.

Today’s meeting will surely affect bitcoin, but it's somewhat a speculative guess how great this impact will be. So, enough talk about macroeconomics, let’s get to bitcoin.

As you may have noticed, we deleted our alt.(c) scenario and as of now we believe that wave (ii) is finished, so we won’t see a further decline into the blue trading zone. Good news for everyone who took this chance a few weeks ago, bad news for everyone who didn’t. Currently, we believe that wave (iii) will continue to push bitcoin above 30’000$, and we should reach the 1.618 extension in the next weeks.

However, I would like to highlight that it's ABSOLUTELY possible that we could experience slight correction in the future and this wave (iii) is in no way a “Line only go up” movement. The rally in bitcoin is overheated and just like I said in our altcoin updates, I expect that more capital will flow into altcoins in the next days. Everybody who missed the boat in bitcoin should now consider looking into Ethereum, Chainlink, Solana or other altcoins of choice.

Please note that we are already invested in Bitcoin since the 15th of June, back then we announced our first positions here on tradingview.

Long Bitcoin (BTCUSD)




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