Ominous Support Resistance flip leading up to this week's FOMC meeting 😳

Bitcoin went from threatening a reclaim of the $30k region early last week, to retracing  to the $23k and environs on the weekend, and as I am writing this the price is struggling to remain buoyant above the $22k watermark.

Glancing back in the archives to my BTC post last week I had highlighted a projected collision target with the upper trend line, and this week, it has been repositioned to the lower trend line.

What wizardry could be responsible for this Bull – Bear transfiguration?

Simple Technical Analysis combined with a reading of market sentiment 

• Technical indicators:

Aside from the colour differences that tract the progression of time the second standout transition is the loss of the 50 MA support that catapulted my and others' bullish expectations.

On the weekend the bullish sentiment was cradled  again by the 50 MA, but last night:

.                                                                               .the bough broke,
.                                                                             .the cradle did fall,
.                                                                         .and down came $BTC,
.                                                                              .alt-coins and all.

This article was inspired by the observation of the loss of the crucial support on the 15 min and the clear suppression that it was now apparently providing.

• Wider market sentiment:
The expectation drawing up to the FOMC meeting is that the Fed is going to increase interest rates further, the $DXY is currently pulling back to support and the Fed needs to reinvigorate faith in the strength of the dollar (show that they are in control) by straddling it with tighter reigns/interest rates to pull back the dollar from racing off the precipice.

Just sharing my views 

DYOR [always]

Banter On, Banter Strong!
✌️