40k plus on the menu this week 👀

 Hi everyone, strong charms. After that weekly close, we see Bitcoin in the mid 40, 000 this week. Just quickly, we have FOMC this week in the United States where they hand down the interest rate rise. Right now CME is pricing in almost 100 percent likelihood that we’re going to see a pause on rates. So I think this is going to be a nothing burger.

Apparently, if anything, we might see some dubbish language from power. But right now, I think Bitcoin and crypto are moving more on a fundamental path. It’s not really paying attention to what stocks. And the Fed is doing it. I don’t think we can underestimate how important it is that we broke that 200 week and 200 day moving average.

You can see how long we were actually underneath it and just historically how important that level is. This is a very clear trend break, and so if you’re expecting those lower prices, you have to play the ball where it lies, and you’re being presented with new information here that does look like the trend is going to continue high.

If I had no idea about previous Bitcoin cycles, I was looking at this chart, a very clear, you know, break of the range and creating a new higher high on the weekly as well. I think we’re likely heading to new highs just based on this. But we know that that doesn’t always play out, but we have that ETF catalyst coming.

So right now this level of support at 38 level resistance at about 40, 000 is going to be really tough to crack. But, if this weekly candle blitzes through it, I think we can really get to that, that mid, low to mid 40, 000s quite easily here. The trend is saying it, there’s a lot of Max Payne and disbelief out there on the upside.

Weekly RSI has just tipped into the 70s, so it’s the power zone, I think there’s a lot of room to run. A lot of the momentum indicators have actually cooled off quite significantly, and not completely. But, in an uptrend here, this is very indicative of a market not wanting to give people that really nice entry.

Lower if you’ve missed the breakout. A lot of people are expecting 32, 000 retracement. It tried to get to 33, 000, but couldn’t even get there. Bought back up, and now we’re trying to move higher again. So just pay attention to that. I think this has a really strong opportunity to move higher this week.