Resistance for $BTC at $4200 fib .236 suggests $3475 was bottom
Bitcoin found heavy resistance at $4200 which would be Fibonacci retracement level 0.236 if the bottom were in at $3475.
It will be interesting to see how Fed statements at noon EST today affect Bitcoin as it rebounds.
I would suggest that if the Fed show signs of easing and USD drops this would send Bitcoin back above the $4200 level and on track for a faster recovery. Inversely if Fed chief Powell suggest that a continuation of the rate hikes is necessary we will see BTC headed lower into the 3800s and below for a slower recovery.
It will be interesting to see how Fed statements at noon EST today affect Bitcoin as it rebounds.
I would suggest that if the Fed show signs of easing and USD drops this would send Bitcoin back above the $4200 level and on track for a faster recovery. Inversely if Fed chief Powell suggest that a continuation of the rate hikes is necessary we will see BTC headed lower into the 3800s and below for a slower recovery.
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