In this episode of NewsBTC’s daily technical analysis videos, we look at the volatility in Bitcoin price action following the FOMC meeting today where the Federal Reserve announced a 75 bps rate increase.
Take a look at the video below:
Crypto Market Gets Volatile Before & After Fed Rate Hike Decision
To demonstrate the incredibly powerful volatile proper to the announcement, Bitcoin plunged by 6% in only one minute of trading. Less than an hour later, the top cryptocurrency retraced almost the entire move, yet is now struggling to keep its head above $19,000 support.
Not just Bitcoin, but anything that trades against the dollar moved in a similar manner.
Bitcoin price plunged 6% in a single minute of trading action today | Source: BTCUSD on TradingView.com
TD9 Buy Signal Appears On Bitcoin, But Beware Of Another Low
The Bitcoin daily is working on a TD9 buy setup. Beware of the series perfecting, which requires a lower low beyond $18,300 where bull staged a defensive move earlier this week.
A TD9 buy setup has triggered on the daily, but another low makes perfect | Source: BTCUSD on TradingView.com
Related Reading: WATCH: Bitcoin Bloody Monday Leads To Reversal Hammer | BTCUSD September 19, 2022
Tug-of-War On Weekly Timeframes Between Bears And Bulls
Bitcoin briefly pushed back into bull territory on the weekly LMACD histogram. A bullish crossover at these levels on weekly timeframes has led to a bottom being put in in the past. Cyclically, it is clear that this is a level to watch for a bullish reversal.
By the time we finished the video above, Bitcoin plunged back down to the below the $19,000 level and bears successfully uncrossed the LMACD crossover yet again. A tug of war is going on, and whoever wins will have the upper hand when it comes to momentum.
Bears continue to prevent a bullish crossover, but bulls are trying | Source: BTCUSD on TradingView.com
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Featured image from iStockPhoto, Charts from TradingView.com
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