Today we have seen BTCUSD make back 40% of what was lost during last week.
New Fed Chairman Powell
Dollar weakness all over the board today and this has contributed to BTC gaining more than $1000 over the greenback.
This USD weakness comes in anticipation of the new Fed Chairman Jerome Powell's first speech (testimony) before Congress tomorrow. He will also answer question from the Senate Banking Commity on thursday. Both of these events together with inflation numbers this week can mean that we will get some serious movements in all instruments measured against USD.
Trendline break
Earlier today there was a great opportunity to buy BTC on the break of last week's down trendline:
A possible entry at $9662 for a gain of over $700 so far.
I am looking for a daily close above resistance level $10,300 for a confirmation of a move higher. And if we can get a daily close above $11,800 we will officially be in an uptrend again.
USD calendar
- Fed Chair Powell Testifies at 8.30 EST on Tue, Feb 27th
- Prelim GDP at 8.30 EST on Wed, Feb 28th
- Fed Chair Powell Testifies at 10 EST on Thu, Mar 1st
Happy trading!
This is not financial advise, everybody is responsible for their own trading. I am just sharing my own analysis of the markets.