"Monday saw a nice move up into resistance, but that momentum quickly faded as bitcoin retraced the bullish move to end up right back down at the lows by Thursday. The market was a mixed bag as the Federal Reserve's 25 basis point cut was expected, but Chairman Powell put a damper on expectations going forward, stating that there were no plans to continue with another interest rate cut in December's FOMC meeting,"
"The $106,900 support level held again last week at the 0.146 Fibonacci Retracement, providing a nice bounce for the bulls on Thursday into the weekly close on Sunday. Bulls do not want this level to be tested again going forward, as it would be more likely to fail on the next test. Losing this level is very likely to lead to losing $100,000 and a test of long-term support at $96,000."
Bitcoin rallied into resistance on Monday but lost momentum and retraced into the week's lows by Thursday, closing the week at $110,591. The Federal Reserve delivered an expected 25 basis point cut while Chair Powell signaled no plans for a December rate cut, reducing forward easing expectations. Key support at $106,900, near the 0.146 Fibonacci retracement, held and produced a bounce, but another test risks failure and a drop toward $100,000 and long-term support at $96,000. Immediate resistance sits around $111,000 (21-EMA and POC), then $114,600 and $122,000. A downside break is likely without strong buying volume.
Read at Bitcoin Magazine
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