After the Fed’s interest rate decision, together with the US stock markets cryptocurrency We also saw a relief rally in the markets.
Because the markets that have priced the FED for a long time were in a deep downtrend.
bitcoinWhile eyes are on the weekly close, we will look at the latest situation in terms of important moving averages.
Latest Status on Daily Chart
Looking at the daily chart BTCWe see that for the 4th time, it is trying to go above the 20 and 50-day averages and to stay above it.
Although we have been rejected many times from the same region, our retesting makes us think that we can stay on it this time.
At this point, both the 20-day and 50-day averages have passed. 40300$-40500$ We consider the level as a strong support zone. It may be necessary to stop at this level six-day closings.
As long as $40500 is maintained, the $48,000 levels (200-day average) can be considered a target.
Latest Status on Weekly Chart
In Bitcoin, which is trading below the 20- and 50-week averages, the $46,500 level could act as an important resistance.
In the related news, we mentioned that the 20-week average is about to cut the 50-week average and the risks of this.
As we mentioned there, if the scenario in 2017 works, an increase up to $ 46,500 will not surprise us.
At this point, however, a reassessment and mitigation of risks may protect investors against the risk of a greater downturn.
Entering the bull mode in Bitcoin without seeing a 2-week close above the 20 and 50-week averages can increase your risk.
In summary, when we look at both charts, as long as $40500 is maintained, the $46500-48000 region can be considered as profit taking levels. According to these levels in Bitcoin, profits can also be taken in altcoins.
The market never offers a perfect setup, so you should be ready for any scenario and manage your risks accordingly.
*Not Investment Advice.