Bitcoin price managed to break below the trend line support at $7412.4. Cryptocurrency investor is in fear since larger drop might take place in BTC/USD. However, cautious traders are waiting for the FOMC meeting minute. Dovish statement from the FED officials might push the Bitcoin price towards the broken TL (trend line) resistance at $7412.4. Any bearish signal near that resistance level might offer short term selling opportunity.
On the contrary, piercing through the resistance at $7412.4 might refuel the BTC/USD bulls. Eventually, the Bitcoin price might start heading towards the major resistance at $8060.4. A daily closing of the price above that level might bring back the BTC/USD bulls.
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On the downside, we need to break below the support at $7154.7 to confirm the TL breakout is valid. Breaking below the support at $7154.7 might push the Bitcoin price further lower. The next bearish stop for the major cryptocurrency might lie at the support at $6632.0. This level might provide critical buying opportunity to cryptocurrency investors. Any bullish signal might push the Bitcoin price significantly higher. However, breaching the support at $6632.0 might result in an extensive downfall in the Bitcoin price. Based on the technical parameters, the current bias for the BTC/USD pair is still bearish. However, things might take a turn if the FED official comes up with a dovish statement in the FOMC meeting.Download our latest quarterly market outlook for our longer-term trade ideas.
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