BITCOIN PULLBACK WARNING!🚨 | BITCOIN PRICE PREDICTION & NEWS 2024!

Summary

In 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

00:00

📈 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.

Keywords

💡Bitcoin

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer Bitcoin network without the need for intermediaries. In the context of the video, Bitcoin is the primary subject of discussion, with the speaker providing an analysis of its recent price movements and future predictions. The script mentions Bitcoin's price testing certain levels and its potential for volatility, indicating the speaker's focus on its technical analysis.

💡Interest Rate Decision

An interest rate decision refers to the choice made by a central bank, such as the Federal Reserve in the United States, regarding the interest rates at which it lends money to commercial banks. This decision significantly impacts financial markets, including cryptocurrencies like Bitcoin. The speaker in the video anticipates that the upcoming interest rate decision will have a substantial effect on Bitcoin's price, highlighting the interplay between traditional monetary policy and digital assets.

💡FOMC

The Federal Open Market Committee (FOMC) is a group within the Federal Reserve System responsible for the formulation of monetary policy in the United States. The FOMC's decisions can influence interest rates and economic conditions, which in turn can affect financial markets. In the video, the speaker is looking forward to the FOMC's meeting as it is expected to provide insights into the future direction of monetary policy, potentially leading to increased volatility in Bitcoin's price.

💡Volatility

Volatility in finance refers to the degree of variation in the price of a security or asset over time. High volatility means that the price of the asset can change dramatically over a short period. The script mentions that the speaker expects increased volatility in Bitcoin due to the upcoming interest rate decision and the FOMC meeting, indicating that these events could lead to significant price fluctuations in the cryptocurrency.

💡Bullish Structure

A bullish structure in technical analysis refers to a pattern or formation that suggests a security's price is likely to rise. In the video, the speaker identifies a bullish structure in Bitcoin's price chart, indicating optimism about the potential for the price to increase. This is based on the analysis of price movements and technical indicators, such as the Relative Strength Index (RSI), which is mentioned in the script.

💡RSI (Relative Strength Index)

The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. It oscillates between zero and 100 and is often used to identify overbought or oversold conditions in the market. In the video, the speaker discusses the RSI testing the 50 level, which is considered neutral territory. A move above this level could suggest bullish momentum, aligning with the speaker's overall positive outlook for Bitcoin.

💡Fibonacci Retracement

Fibonacci retracement levels are a tool used in technical analysis that attempts to identify potential support and resistance levels by dividing the difference between two price points by the Fibonacci sequence. In the video, the speaker references the 0.5 and 0.382 Fibonacci retracement levels, using them as part of the analysis to predict potential price movements and support levels for Bitcoin.

💡Altcoins

Altcoins are alternative cryptocurrencies to Bitcoin. They represent a broad category of digital currencies that exist alongside Bitcoin. In the video, the speaker discusses the altcoin market in relation to Bitcoin, suggesting that if Bitcoin's price holds at certain levels, it could confirm a breakout for altcoins, indicating potential for further price increases across the broader cryptocurrency market.

💡Liquidity

In financial markets, liquidity refers to the ease with which an asset can be bought or sold without affecting its price. High liquidity means there are many buyers and sellers, allowing for quick and easy transactions. The speaker in the video mentions liquidity levels, suggesting that there is significant buying or selling interest at certain price points, which could lead to price spikes or drops if those levels are reached.

💡Price Target

A price target is an estimate of the future price of a security, often provided by analysts or traders. In the video, the speaker sets a price target for Bitcoin at 62,000, based on their analysis of the current market conditions and technical indicators. This target serves as a reference point for the speaker's bullish outlook and a potential profit objective for traders.

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