BTC/USD Forecast 11/12: Confused After FOMC? (Chart)

(MENAFN- Daily Forex)

• Bitcoin trades with sharp volatility as markets react to the FOMC decision and Jerome Powell's mixed signals on employment and inflation.
• Uncertainty dominates sentiment, leaving traders focused on technical levels to determine the next major move.

Bitcoin continues to see a lot of volatility during the Wednesday session, which, of course, is not a huge surprise considering that we have the FOMC interest rate decision and the press conference. Jerome Powell has suggested that there is risk to employment, but at the same time, there is risk to inflation, kicking off what can be thought of as stagflation.

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Whether or not that moves the risk appetite of the crypto market remains to be seen. But one thing is for sure, it looks like Bitcoin is a bit confused. I think that makes a certain amount of sense because, quite frankly, yet again, we've seen Jerome Powell in a press conference essentially say that they don't know what is going on. They don't seem very confident, and therefore, I think the market is waiting to see what happens next. With all of that in mind, the technical analysis seems to be about the only thing we can hang on to, and if we can break above the $94,000 level, you can make the argument that we are getting ready to break out and perhaps try to go to the $100,000 level.

EURUSD Chart by TradingViewKey Technical Structure

Alternatively, we are still in the rising and ascending triangle, or, depending on how you look at it, a bearish pennant. It's a little early to describe either one as being obvious, but right now, I think you've got a situation where traders just don't know what to do, and perhaps we are trying to accumulate. But I would also say that Bitcoin will continue to frustrate retail traders more than anything else, as it likely continues to see a lot of questions asked about it as to what will be the effect of the Federal Reserve on Bitcoin, because it is an institutional asset now. It isn't the Wild West anymore, and therefore, it will move right along with the risk of risk appetite on Wall Street. Pay attention, if we break out, it could be a bigger move. But on the other hand, if we break down from here, it's not until we break below the $88,000 level that alarm bells will start ringing.

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