#Bitcoin: Short-term Bearish
It is highly likely that we see Bitcoin trend over the weekend and early next week. Key reason being the FOMC meeting on November 2nd through the 3rd. There is a high probability that the Fed will officially announce the taper of its bond purchases then. Bitcoin’s upwards price explosion was a by-product of the Fed intervening in the treasury market in spring of 2020 but also a handful of other things. Ahead of the FOMC, Bitcoin MPs could start to price in a possible taper announcement. Sentiment is complacent and rather extreme right now on the bullish side. Retail is convinced that this thing goes back to highs. Order flow flipped extremely bearish late Friday. Money flow suggests that we could see price roll over here.
This account is based on helping people navigate through markets rather than for educational purposes. Not Financial Advice.