Bitcoin Hinges on the FOMC Statement. What to Expect...

Bitcoin is edging up, and appears to be gearing up for a breakout. However several red triangles on the KRI are confirming resistance at every step of the way here, suggesting downward pressure on this attempt. We have been able to reach $37.7K and $38.2K, which are strong levels coinciding roughly with a Fibonacci level on the daily charts. This will provide strong resistance, but if broken, it's a bullish sign. If we break these levels definitively, then we can easily reattain the $40K's. The FOMC statement this afternoon will be critical. Note that a rate hike is largely priced in, so if/when this happens, we are likely to see a relief rally which could take us back to $40K. We don't expect much action until then as the global markets are all eyeing this event. If we encounter resistance at current levels, we should find support at $34.9K or $33K again.

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Bitcoin looks poised to break out from $38K!