Breaking: Fed’s rate decision induces high volatility in Bitcoin

Tony M.FXStreet Contributor

Bitcoin price shows initial reaction to the Fed’s interest rate decision. Day traders witnessing the move are likely to join the sudden influx of capitol targeting 22,000 and 22,614. A break above 21,800 will likely be the cartalyst to prompt the anticipated move.

Bitcoin price at current time auctions at $21,900. Traders should be careful to not get trapped into the wrong side of the move. Liquidity hunts and shakeouts are common occurrences following major news events. A failure to promote additional bullish engulfing candlesticks above $22,100 or a retracement into $21,290 could be early evidence of a smart money trap.

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BTC/USDT 5-minute chart

In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of inerest in the market. -FXStreet Team

Author

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.