The price of Bitcoin dropped after the FOMC but the upside scenario remains intact. In the short term, it continues to move sideways, so we'll have to wait for a fresh trading opportunity before taking action on this market.
It was trading at 20,242 at the time of writing above 20,039 today's low. BTC/USD is down by 2.26% in the last 24 hours and by 1.62% in the last 7 days. Bitcoin's drop forced the altcoin to retreat as well.
BTC/USD Range Pattern!
As you can see on the H1 chart, the crypto is trapped between 21,012 and 20,008. 19,947 represents a downside obstacle as well. As long as it stays above these levels, the rate could turn to the upside again.
20,381 stands as an immediate resistance level. Technically, it could move sideways in the short term.
BTC/USD Forecast!
A valid breakdown below 19,947 could activate more declines and brings short opportunities. On the other hand, registering only false breakdowns could announce a bullish movement. A larger upside movement could be activated by a valid breakout above 21,012.
