BITCOIN PULLBACK WARNING!🚨 | BITCOIN PRICE PREDICTION & NEWS 2024!
Summary
TLDRIn the latest Selinix Crypto update, the focus is on Bitcoin's response to the upcoming Federal Reserve interest rate decision and FOMC meeting, anticipated to cause market volatility. The video discusses Bitcoin's recent bullish structure, a retest of the 0.5 Fibonacci level at $59,500, and the potential for a price pullback to key support levels around $58,800-$57,700. The presenter expects a bullish continuation, with a price target of $62,000, and advises monitoring altcoin market behavior post-Bitcoin's reaction to the Federal Reserve's decisions.
Takeaways
- 📈 The video discusses the potential impact of the upcoming Federal Reserve interest rate decision on Bitcoin and stocks, suggesting increased volatility.
- 🌐 The presenter anticipates a bullish continuation for Bitcoin, influenced by the FOMC meeting and monetary policy.
- 📉 The script mentions a retest of Bitcoin's price at $59,500, which is significant as it marks the 0.5 Fibonacci retracement level.
- 📊 The Relative Strength Index (RSI) is testing the 50 level on the 1-hour and 4-hour timeframes, indicating a potential bullish trend.
- 🔽 There's an observation of short positions entering the market, which could lead to a temporary price decrease for Bitcoin.
- 💹 The presenter identifies a key support level for Bitcoin between $58,800 and $57,700, which includes the 236 Fibonacci level and a fair value gap.
- 🚀 The expectation is for Bitcoin to hold at the support level and potentially reach a price target of $62,000.
- 🔄 The video suggests that if Bitcoin pulls back to the support level and regains momentum, it could confirm a breakout for altcoins.
- ⏳ The presenter warns of potential volatility towards the end of the day, advising caution due to the possibility of significant price spikes.
- 💬 The script concludes with an invitation for viewers to ask questions in the comments and a summary of the presenter's thoughts on the market.
Q & A
What is the main topic of the video?
-The main topic of the video is a daily update on Bitcoin, focusing on the potential impact of the upcoming interest rate decision by the Federal Reserve on the cryptocurrency market.
Why is the interest rate decision by the Federal Reserve significant for Bitcoin?
-The interest rate decision by the Federal Reserve is significant for Bitcoin because it can influence monetary policy, which in turn affects the stock market and, consequently, the cryptocurrency market, including Bitcoin.
What is the expected market behavior in the days leading up to the Federal Reserve's decision?
-The market is expected to be quite volatile in the days leading up to the Federal Reserve's decision, as investors react to economic indicators and speculate on the potential outcomes.
What is the speaker's stance on Bitcoin's short-term price movement?
-The speaker believes that Bitcoin will continue to form a bullish structure in the short term, with a potential retest of support levels around $59,500.
What is the significance of the 0.5 Fibonacci retracement level mentioned in the video?
-The 0.5 Fibonacci retracement level is significant as it represents a midpoint in a market move, often used by traders to gauge potential support or resistance levels. In this context, it's a level where Bitcoin's price has been tested.
What does the speaker suggest about the current state of the altcoin market?
-The speaker suggests that the altcoin market has broken out but needs to hold this breakout to confirm a continued upward trend, which would be a signal for traders to consider long positions.
What is the speaker's price target for Bitcoin in the short term?
-The speaker's short-term price target for Bitcoin is $62,000, which is based on the expectation of a bullish continuation following the Federal Reserve's interest rate decision.
Why does the speaker anticipate a pullback in Bitcoin's price?
-The speaker anticipates a pullback in Bitcoin's price due to an increase in short positions and the presence of a fair value gap, which could lead to a temporary price decrease before a potential bounce back.
What support level does the speaker identify as crucial for Bitcoin?
-The speaker identifies the support level between $58,800 and $57,700 as crucial for Bitcoin, as it encompasses the 236 Fibonacci level, a fair value gap, and the 382 Fibonacci level, indicating a historically strong support area.
How does the speaker suggest traders should approach the volatility expected before the Federal Reserve's decision?
-The speaker suggests that traders should be cautious of the increased volatility and be prepared for potential price spikes down, as liquidity levels indicate a possibility of a sharp price movement before a rebound.
Outlines
📈 Bitcoin Market Update and Upcoming Volatility
The video script discusses the current state of the Bitcoin market, highlighting the importance of the upcoming Federal Reserve's interest rate decision and its potential impact on Bitcoin and stocks. The speaker anticipates increased market volatility due to these events. They also analyze Bitcoin's recent price movements, noting a retest of the 0.5 Fibonacci level at 59,500 and a bullish structure forming in lower time frames. Despite a slight price drop due to short positions, the speaker remains optimistic about a bullish continuation, with a focus on support levels between 58,800 and 57,700. The speaker advises viewers to be cautious of potential volatility, especially towards the end of the day, and suggests that a pullback could occur before a bounce back to continue the bullish trend. They also touch on altcoin markets, suggesting that if Bitcoin holds its support and gains momentum, altcoins could see further upsides.
Mindmap
Keywords
💡Bitcoin
💡Interest Rate Decision
💡FOMC
💡Volatility
💡Bullish Structure
💡RSI (Relative Strength Index)
💡Fibonacci Retracement
💡Altcoins
💡Liquidity
💡Price Target
Highlights
Welcome to the daily update on Bitcoin, discussing the upcoming interest rate decision and its potential impact on Bitcoin.
Expectations of increased market volatility due to the Federal Open Market Committee (FOMC) meeting.
A brief overview of the lower time frame bullish structure in Bitcoin's price movement.
Retesting of the 0.5 Fibonacci retracement level at 59,500.
Discussion on the potential for a price pullback and the significance of short positions.
Analysis of the RSI levels indicating a bullish structure in Bitcoin's price movement.
Expectation of a price pullback to the support level between 58,800 and 57,700.
The importance of the weekly time frame in predicting a potential pullback area.
A bullish continuation is expected for Bitcoin, including the Federal Reserve interest rate decision.
Advice on waiting for confirmation from the support level before trading Bitcoin.
Guidance on trading altcoins and the importance of holding the breakout for a potential long position.
The price target of 62,000 for Bitcoin and its implications for altcoin market movements.
A warning about potential volatility towards the end of the day and the possibility of a price spike down.
Mention of liquidity levels and their influence on price movements, specifically around 57,200.
Final thoughts and a reminder to stay updated for further insights.
Transcripts
good morning everybody welcome back to
selinix crypto hope you're all doing
great and welcome to this new video on
the Bitcoin your daily update and uh
quite an important update we already
talked about it uh briefly yesterday
that next week it's going to be pretty
big all right on Wednesday we have the
interest rate decision and the and just
in general the the fomc afterwards so
what to expect from the next couple of
months as well in terms of monetary
policy and that's going to be leading
for for stocks therefore also for for
Bitcoin um so that's going to be very
important and and in general we'll just
see a lot of volatility because of that
um that that's coming has also been one
of the key reasons why we've been able
to form some sort of a lower time frame
bullish structure here um and what I
told you yesterday is I I I think we'll
continue that now over the course of the
last 24 hours obviously in the weekends
um not much is happening we we did a bit
of a retest here of 59,500
um that's a retest of the of of the 0.5
FIP which we um which we of this entire
move down from from from July till till
the start of August um but no so so not
much has changed in in what I expect
over the course of today and and this
morning we we did see some some short
positions coming in for Bitcoin uh so
that's pushing the price down a little
bit and just in general we're getting
some indications right um that it's uh
that it's likely will pull back just in
general here you can see that we're
getting a bit of net shorts coming in so
that's pushing the price back like I
said um the RSI is also testing that
that 50 level at least on the on the 1
hour time frame on the 4our time frame I
think it's doing a little bit better um
so that that doesn't matter too much
either but that's relatively bullish
right I mean if if the if the price is
is making some sort of an uptrend which
we have clearly done since the 8th of
September and it's testing the 50 RSI
like this huge usually that signs of a
bullish structure and just if you look
at Bitcoin right here um it is a bullish
structure now a Monday into or a a
Sunday into a Monday is usually very
volatile so that's what I would what I
would expect right right right now as
well you can see we have a big fair
value Gap right here so I do think we'll
see some sort of a pullback um mainly
like the most important level for me is
this level right here between 58,800 and
57,7 all right so so that's basically
where you have the 236 FIB you have that
fair value Gap you have the 382 FIB you
have just in general a strong support
level as you can also see
historically um so that is also when
when you look at the when you look at
the weekly time frame that looks like a
a likely area where we can actually see
a pullback too um but I do expect us to
hold that right my expectations for next
week um also including the Federal
Reserve interest interest rate decision
is a bullish continuation so of course
it's it's good to wait for that
confirmation um from that level right if
if if you don't want to trade Bitcoin
and you want to trade altcoins um what I
would wait for if you if you look at
altcoins right here for example so so
this is the General altcoin market uh
market cap we have broken out but what
you want to see is is that we can
actually hold this breakout and then you
can long alt again so if Bitcoin pulls
back to this level and it's able to hold
the level and actually get some new
momentum from there um then I would say
it's it's confirmed that we can actually
see 62,000 again that's my price Target
was my price Target yesterday still my
price Target right now and then it's
also you can also safely assume I would
say um that um that altcoins can can
hold this breakout as well and that we
can at least in um in general or or on
on average I should say I should say let
me can I can I please find the the price
range uh no I cannot find it but then in
in in in in like on average we can
actually expect some more upsides for
for altcoins basically what I wanted to
say so that's what I expect all right
I'll keep you updated on this um we'll
probably get some volatility towards the
end of today so be careful for that
because we we can actually Spike down
quite a bit if you look at the liquidity
if you remember last week we we grabbed
both of these liquidity sites um there's
quite a quite a lot of liquidity to the
upsid but I do think it's likely we'll
grab that liquidity to the downside
first have someone of a pullback before
bouncing back and uh and continuing to
be bullish but those are my thoughts and
that's like if if you look at this like
there's quite a lot of liquidity at like
57,200 which seems quite far down but we
could Spike down there right so
something we did for example also
Wednesday last week but those are my
thoughts that's what I think you need to
know for now if you do have any
questions let me know down in the
comments for now thank you for watching
take care and bye
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