Dear HODLers, Dear Bitcoiners,
The next 24 hours will be very important for the future of this bull run. I am going to list 3 hings that I am watching to understand where we are going next.
FED Commitee tomorrow
The Federal Open Market Committee(FOMC) is scheduled to meet on Tuesday and Wednesday to discuss policy.
Fed Chairman Jerome Powell will hold a press conf at 2 p.m. ET on Wednesday.
Any hint of early taper or rate hike could trigger risk aversion in financial markets, killing the nascent bitcoin recovery. Alternatively, a strong-worded commitment to keep the tap open would bring cheer to bitcoin and asset prices in general.
This is one of my main fear for Crypto and Stock Markets. If the FED hints that it intends to taper (hike rates) in the future even if very slowly.
I believe risky asset would take a hit (Tech stocks for example) and of course Cryptocurrencies including Bitcoin.
Bitcoin's dominance rate
Many investing firms claim that the fact that Bitcoin's dominance is under 50% is a bearish sign.
I am not sure of this take BUT it surely seems that most of the altcoins are still very overvalued and therefore, Bitcoin has to either go up a lot or Altcoin have to come down to come back to this 50%+ target.
Resistance is still HODLing
The main resistance at $41k is still there and despite our good bounce, I am not sure we will have the juice to break it just yet. Therefore if we don't, we might have to revisit lower supports in order to get some momentum to finally break it.
Bitcoin funds outflows continue
Despite Miscrostrategy's commitment to live and die by Bitcoin, it is clear that the outflow from Bitcoin funds seems to continue. I had the feeling first hand from friends and other investment professional I knew, that the consolidation has made them lose some interest.
Some of them also reached their stop-loss targets and therefore left with a loss the Crypto space.
Let's see what happens and I truly hope I am wrong, but I have this feeling that we might have to wait more before the Bull Market fireworks.
What is your opinion? I would love to hear it
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