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.
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