The broader crypto market saw a slight uptrend in trading on Wednesday after the Fed held interest rates steady. Bitcoin bulls struggle to overcome resistance at $35,000.
- The broader crypto market experienced a slight uptrend in trading on Wednesday after the Federal Reserve announced that it would be holding interest rates steady in a range of 5.25%-5.5%, the highest level in 22 years.
Stocks climbed higher following the announcement as traders saw the pause as evidence that the risk-on environment has returned. At the close of markets, the S&P, Dow, and Nasdaq finished in the green, up 1.05%, 0.65%, and 1.43%, respectively. Treasury yields sank lower, with the 10-year yield trading around 4.755%
MN Trading analyst Gunter Lackmann said the daily chart for Bitcoin shows its price is “in a bullish consolidation resembling an ascending triangle chart pattern as the 8EMA, a reliable source to look for relative strength, is catching up with price.”“Currently, the most obvious invalidation of this pattern would be daily candle closes under $34k, but we should also be ready for an intraday retest of the 8EMA, which last got tagged on October 23,” he said. “Upside resistance is at around $34.8k.
“Most conservative traders wait until after the move to the upside completes” to reenter the market, he said. “My targets for those potential legs up from here are the areas of $36 - 38k and $40 - 42k. From there, it will become more likely that we get a retest of the previous HTF range high of around $31.5k, just when the market gets excited for more upside.”
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