What the FOMC Statement Means for Bitcoin
Bitcoin rallied off the FOMC statement yesterday which was a first for crypto, and confirms the maturity of this product. Larger institutional investment and the influence of derivatives on the crypto market are the likely reasons for this rally, which demonstrate that macro events effecting traditional market instruments like stocks, bonds, forex, etc. are now of importance to crypto. Bitcoin rallied from lows 46.2K to just below our level at 49.7K, before a red triangle on the KRI confirmed resistance. Currently we are ranging, establishing value in the high 
48K handle. The price action should remain confined to the 40K's, with trading choppy and illiquid into the new year. The best trading strategy here seems to be to wait for lower levels and accumulate on dips. The Kovach OBV has soared with the rally, but has leveled off as BTC established value. Watch 49.7K and 50.8K to continue to provide resistance and 46.2K to provide support from below, with 45K being a floor price for now.
48K handle. The price action should remain confined to the 40K's, with trading choppy and illiquid into the new year. The best trading strategy here seems to be to wait for lower levels and accumulate on dips. The Kovach OBV has soared with the rally, but has leveled off as BTC established value. Watch 49.7K and 50.8K to continue to provide resistance and 46.2K to provide support from below, with 45K being a floor price for now.
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