Compared to the previous week, the technical picture in Bitcoin has not changed again, despite the key interest decision of the Fed last Wednesday. That probably hung together with the fact that, as already on our part, at this point In the previous week, no major changes were communicated by the Fed.
Bitcoin Wait for fresh impulses 🔴 US labor market in the coming week
► Bitcoin ISIN: XC000A2YY636 | WKN: A2YY63 | Ticker: BITCOIN
The overarching picture for Bitcoin
In this way, this left the base rate unchanged at 425 – 450 basis points, in addition, the communication of the Fed or by Fed Chairman Powell can be summarized primarily as “waiting”. Interestingly, this had two reasons: the first is the still solid situation on the US labor market, which makes the FED more leisurely in relation to further interest reductions.
Bitcoin chart analysis – Daily
The second reason is the reluctance of the now incumbent Trump administration in relation to the import duties announced during the election campaign. While Trump clearly said at his speech in Davos that he would expect interest rates to fall, Powell said at the press conference on Wednesday, said specifically: “I have no reaction and no comment on the President’s statements. That is simply not appropriate. “
Especially due to the reference to the labor market, it could be interesting again in the coming week, because with the Jolts on Tuesday, ADP on Wednesday and NFPS on Friday we have three data records from the labor market, which in US interest rates and then also could provide fresh impulses in Bitcoin.
Here, my first consideration is based on a “Bad News Is Good News”, because: A weakening US labor market would make a promptly looser fed more likely and risk assets such as Bitcoin in the cards, a break from the established range between $ 100,000 and $ 110,000 on the top.
If such a break on the top, I would still see a projected price target in realms by $ 120,000, intermediate target in the area of $ 115,000/116,000.
Bitcoin chart analysis – hour
Bitcoin – Trading Setups:
As written in the introduction, the mode between $ 100,000 and $ 110,000 is initially neutral, but with a break over $ 110,000, preferably initiated by a news catalyst like the Fed next Wednesday, a dynamic momentum run with a target in the area of $ 120,000 would be expected.
Long setup:
As addressed further above, Bitcoin is more interesting after a recent consolidation between $ 100,000 and $ 110,000 for a momentum long trade in the event of a break, whereby a first projected price target in the area of $ 120,000 should be based on an “open range”. Preferably, traders want to see a quick movement away from the price or the outbreak region, which would mean Stops closely under the outbreak region.
Short setup:
Short trades are initially not an issue, even with a break back below $ 100,000, I would be reserved in this regard.
Bitcoin at the weekend, the video, 01.02.25:
https://www.youtube.com/watch?v=7JU7S7HHG_0
source: XStation55 from XTB
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