Bitcoin has traded between $80,000 and $84,000 for about two weeks, and HTX chief analyst Cloud expects the range to persist into the week before the Federal Reserve decision, according to BlockBeats.
Cloud sees a slightly greater downside test
Cloud said ETF outflows have been offset by declining exchange balances and moderate profit-taking by long-term holders. Cloud sees a downside test as slightly more likely, although the $80,000 area has acted as support and a break could be false.
Levels Cloud is watching
Cloud’s upside conditions are a daily close above $84,200, three-day ETF inflows above $500 million and funding no higher than 15%. Downside confirmation would require a break below $79,800, another weekly ETF outflow above $500 million and net positive exchange flows. Cloud points to the Oct. 29 Beijing-time Fed decision and near-89% December hike pricing as key events.
These are Cloud’s market views and conditions. The source says the article is not investment advice or an offer or solicitation for an investment product. Read the original BlockBeats flash.