Bitcoin and Dogecoin Struggle With Federal Reserve Looming!
Dogecoin price down 13 percent after breaking to the upside. The bearish we saw Dogecoin break to the upside on Elon Musk‘s announcement. But now with the overall crypto market still in, that bears down Jay stay with all the fear and uncertainty.
Could everything be wrong in history, not repeat itself? Yes, that is a possibility. we all need to take a step back and realize a bear market could be happening. But until that happens, we are still making higher lows on a daily on the weekly and everything is looking bullish. But this is the catalyst that everybody needs to have their eyes on today.
Bitcoin is able to get a very strong bounce on the RSI and in the price action in the immediate short term
So looking at Bitcoin and the daily RSI and what we can see is this the RSI uptrend has remained a very key level of support. And every time we’ve come down and tested this level of support, we’ve gotten a very significant bounce to the upside.
And what happened in May and July from 2021 also happened in March 2020 and happened in December 2018. So this line is coming into play once again. So this would be a good indication that Bitcoin is able to get a very strong bounce on the RSI and in the price action in the immediate short term, which we should get a massive bullish uptrend and a continuation move to the upside.
Bitcoin struggles to break $47K as fed meeting looms
Bitcoin struggles to break 47K dollars as Fed meeting looms. Fear and greed index still in fear, which is healthy for the crypto market. But until that happens, we are still making higher lows on a daily basis.
The Federal Reserve is expected to accelerate with unexpressed in money monetary stimulus in the face of fast rising inflation. Cryptocurrency investors may be moving to take risk off the table, with the Federal Reserve’s decision on tapering key catalyst for Bitcoin’s price action.
This is going to send the entire market either very bullish or very bearish today. We could have already seen the Federal Reserve price down in the announcement. Already priced in, and we see a continuation move to the upside.
After this announcement, we will have to wait and see exactly how this is going to play itself out. But we could see Bitcoin get a massive breakout here. If we are able to close roughly about 49K dollars. That’s going to give us a the continuation move back above 53K dollars, which would be very bullish for the overall crypto market.
The U.S. dollar is playing a very critical role with what is happening with Bitcoin in the immediate short term
We’re also seeing is the U.S. dollar is playing a very critical role with what is happening with Bitcoin in the immediate short term. The U.S. dollar has kind of been on a run here as Bitcoin has been struggling now. This is also showing us that the U.S. dollar is going on a run going into the Federal Reserve’s tapering announcement in the announcement happening today.
This could be a good indication that the U.S. dollar is already getting this price down, and we could see a massive reversal from the U.S. dollar and we could see Bitcoin have a massive upswing.
We just have to wait and see how this all going to play out. But we’re also seeing the two week RSI in the U.S. dollar and come into a very critical level of resistance. We could get a massive break to the downside, causing the U.S. dollar to fall and causing Bitcoin to get a strong bounce on the upside.
What does that mean for Dogecoin?
It’s very simply. We have to get above 18 cents and then 22 cents at the same levels of resistance are still in play. But all eyes are on Bitcoin. But more importantly, all eyes are on the Federal Reserve today.