How To Trade Bitcoin Into September FOMC, Top Analyst Reveals
Summary
The Federal Reserve is set to announce policy on September 17, impacting Bitcoin's price movements. Trader Nik Patel outlines a strategy for navigating Bitcoin, identifying resistance levels at $117.5k–$120k and support at $112k. A weekly close above $112k is crucial for short-term bullishness; a drop below could lead to prices around $107k or $99k. For bullish positions, a dip to $113.5k is preferred before targeting $117.5k and $119k. Conversely, for bearish positions, shorting above $119k is advised, with targets at $112k if the price drops below $117.5k. The market anticipates a 25 basis point rate cut, but the Fed's guidance will significantly influence Bitcoin's trajectory. Current Bitcoin trading stands at $115,427.
