Whether you’re in the winter of Australia or the summer in the northern Hemisphere. What is happening with the fomc meeting in a few hours time. What I’m going to say here. But, let’s have a look at it in terms of the charts and what the investors. The smart money is telling us in the charts today before the news happens.
Let’s see, if we can do it without crystal balls so my crystal ball says that you will hit that like button. So, anyway, do those down below that’s what the crystal ball is saying uh guys we know the fomc meeting is coming up what does that mean for bitcoin right now. How is that going to affect the crypto currencies or the trades that are going on. Of course, this is going to depend on these support and resistance levels. That is what we are searching for in the last 24 hours, we have been focused on the 50 level so 20 900. There was the level of 21 700, so the market has since broken down from twenty one seven and it looks like it’s coming back to test the underside of that level. So, we should all know what that means when the market comes back up to test the previous support. We hope it doesn’t become resistant.
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I think in the next several hours we will see what the market is trying to do there and whether we come back down now. How is that going to help us. Well, the trend is down if we’re trading short we stick with the shorts. You can see there are lower tops all the way down we’re getting lower lows and the market continues down. So, we’ve just reached that major support level so far, so basically for trading or sticking with the trend this news announcement is coming up. It’s really important to have those stops in place. Personally, I don’t think it’s a great idea to be entering new positions. When there is a high impact news announcement, the forex factory shows us the little red icons here for the major news announcements. So, we’ve looked at this on the channel before and obviously Michael also looks at this on his channel. So, that’s part of the investor accelerator crew here so speaking of the news announcements. We are looking for a three-quarter of a percent rate rise, so if we’re looking for three-quarters of a percent and the Fed gives us three-quarters of a percent.
There’s no real shock there. There’s no shock value to the market, so we’re probably not going to be that volatile. There will be some volatility that comes into it. There always is with these red days these are the high impact announcements because you’re going to get far far far more traders looking for these events to trade on. They’re just trying to scout the market in a matter of seconds or minutes. So, if we get what we’re expecting not that much if we get probably a higher interest rate rise. Let’s see what happens to the market: does it fall or does it eventually over 12/24 hours remain steady? That will then tell us that. The smart money is not scared of these interest rates that the rises that is and that we may have seen the bottom or we’re very close to it. So, we’re within a particular trading range of these low levels. So, for the SP which is going to be the major market here the low is at around 3 600 points so stick with me here this is basically to figure out. Whether we’re still in a bear market or if we are flipping which takes time. It happens over the course of weeks, probably even months in this case because the top was November for theSP. It was around early january late December.
This can last to the end of the year but we might not see major drops in the price of the SP. If we go down to 3 500 from where we are at 4 we’re racking up somewhere around twelve to fifteen percent to the downside. But, it’s already come so far down what does that even matter now you know we’re within a bottom range that’s what we look for basically we wanna buy within the bottom ranges or dollar cost average. We want to get out in the top ranges and take that chunk of profits in the middle. I know a lot of people look for a bottom price and the main question that comes up is, where is the bottom is, the bottom in what is the bottom price that’s pretty much irrelevant just look for signals that we’re starting to turn so the signal that I’m looking for here in terms of what the market is telling me what the smart money is doing. If the market doesn’t react that strongly to worse than expected increases, this is the side we’re looking at here. This forecast is two and a half percent. If we get 2.75 so we go up one percent.
We don’t really see too much happen in terms of the price. Give it some time to settle down 12-24 hours. Then we can assume that the smart money isn’t scared of higher than expected interest rate rises which means longer term. We’re probably going to see prices start to go up in the next 6 to 12 months quite substantially and we’re possibly in the bottom of the market. It’s like looking at bad news in a bear market. The price doesn’t drop any further. So, it’s almost wearing out all of the sellers that’s what we’re looking for. It doesn’t matter what actually happens at that specific second that the news is announced, it’s what happens over that period of time. Whether we’re trending at some of these lows now just remove my video because it’s a little bit laggy so apologies about any of the lagginess. But, nonetheless, the information is still very much important at this point, so that’s what we’re seeing with the bullish support level.
Basically, we’ve bounced off our 20 hundred. What we’re hoping for for the bulls to take control is a break and a close multiple closes above twenty one thousand seven hundred. This level has been a key area for a very long time and the worst side to this. If we get a test to the underside of 21 700 and, then, a retreat basically a correction back to 20 900 and then a break underneath 20 700. So, keep an eye out for that over the course of the next 24 hours and, especially, in the next few hours with the Afomc meeting. The Fed announcement with these interest rate risers that is going to be a key level the previous levels as well are at around 19 or eighteen thousand six hundred to nineteen thousand. I think if there’s a really bad announcement. They shoot it up at one and a half percent and this market doesn’t or if there’s any sort of bad announcement.
If something happens that they’re not expecting something really bad. But, the market still holds up above 19 000 in the case of bitcoin and for the SP which is even more important here.Iit holds up above these key levels here of 3 700 points and 36-40-36-40 points. Then you could pretty much be safe to say the smart money is buying in this zone whether the price goes a little bit lower is irrelevant. They are buying in this zone because it has not shocked the market that much for us to fall out of bed and break down past key significant levels on news announcements which, if you listen to the media, is probably some of the biggest stuff coming up for this quarter in quarter three. If there’s nothing that bad in terms of price. Then I’m far more inclined to think that we are trending around some of the lows. So, that range could be 12 000 bitcoin up to where we are now 24 000 but we’re within a low zone. It’s just going to take time to test these areas for the buyers to test the upside and the sellers to test the downside. Then to see who is going to win in the macro play so focus on those levels for bitcoin twenty thousand nine hundred and twenty one thousand seven hundred in the short term nineteen 000 in the medium term watch, the SP watch, what’s going to happen here over the next few hours do we get a break in a close below 37 or 3 640 points. That is not a good sign.
This article is a transcription of a video made by Jasson Pizzno
Original video: https://youtu.be/YqaA7pBm8-w