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Bitcoin – 4h chart
Over the last three weeks, BTC has been forming a tightening wedge structure; this last week has seen it ranging between $38000 and $40300.
However, we are coming to the end of the wedge. A break-out is imminent.
There was an attempt earlier today for a breakout to the upside of this wedge, but it wasn’t to last. BTC retreated to the structure and left a significant wick behind.
Right now, it looks like the market is waiting for the FOMC interest rate outcome later today, before deciding on a direction.
A break of the wedge will likely result in a strong move in either direction. It looks like that buying interest is starting to increase for certain coins, which is a positive sign for the overall market.
If we break out of the pennant formation to the upside, the first resistance is at $42500, followed by strong resistance between $44000 and $46000.
If BTC breaks to the downside, the next support level is at $36700, followed by $34800.
So, stay tuned for the FOMC meeting today: if the market likes the outcome, this could be the catalyst to kick start the next bull trend.