"The U.S. Federal Reserve cut the key interest rate by 25 basis points as anticipated, which provided a boost for markets to close out the week, but it wasn't enough. Bitcoin price made a move to $118,000 on Thursday after the Fed's announcement, but was pushed back just shy of this critical resistance level. Sunday's close gave us a shooting star doji candle for the week, signaling a likely reversal in price action heading into this week."
"Looking downward, we are eyeing the $111,300 level as a potential support level. Bitcoin nearly hit that support level already after the big sell-off Sunday night. Below a bitcoin price of $111,300, we will once again look to the 21 EMA, which is currently at $109,500, entering this week. If the price closes below the 21 EMA, it is unlikely the $107,000 low will hold, and we should look to the $105,000 level to act as support."
Bitcoin closed last week at $115,333 after failing to breach the $118,000 resistance level following three consecutive weekly gains. The U.S. Federal Reserve cut the key interest rate by 25 basis points, briefly boosting markets but failing to sustain a breakout above $118,000. A shooting-star doji formed on the weekly close, indicating a likely bearish reversal as sellers stepped in after the three-week rally. A large sell-off late Sunday pushed price toward $111,800. Immediate supports include $111,300 and the 21 EMA near $109,500, with $105,000 cited as a deeper support if the 21 EMA is lost. Resistance sits at $113,800, $115,500, and $118,000.
Read at Bitcoin Magazine
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