This week, Bitcoin, Gold, and Silver all show bullish bias.
The main reason for this is that the Fed has lowered interest rates and fear in the stock market has decreased.
The Fed has reduced the rate by 0.25%, which allows:
Businesses to take cheaper loans
Company profits to increase
People to spend more
Investors to shift from bonds to stocks, crypto, and commodities
Therefore, confidence has increased in the stock market as well as in Gold, Silver, and Bitcoin.
Bitcoin — Preparing for a bullish comeback
1) Bitcoin is recovering in an ascending channel
Bitcoin has formed a clear upward pattern after a significant drop in October.
Although the price is still below two major moving averages:
50 EMA → $96,583
100 EMA → $101,943
But each new “low” in price is forming above the previous “low.” This is a sign of recovery.
2) $90,358 is a very strong support
According to the volume profile:
$90,358 is a key level
If Bitcoin closes above this, the next target will be:
$98,000 – $103,000
3) Indicators are also pointing towards recovery
RSI is normal → there is room for both upward and downward movements
AO indicator is turning green → bullish formation
If the channel breaks, there is a risk that the price could go down to $86,000 – $80,600
A significant bullish breakout will occur when BTC:
Exits above the 50/100 EMA
And regains $100,000
