Bitcoin's response to the Fed meeting
Bitcoin is testing resistance as Jerome Powell speaks
What are your thoughts? What are you doing with your trades/investments today?
Jerome Powell is currently speaking about the Federal Reserves update.
From CNBC
Fed announces two new repo facilities
Along with Wednesday’s policy statement, the Federal Reserve announced the creation of two repurchasing agreement facilities to add stability money markets.
One facility will be a standing program aimed at U.S. market participants, while the other will be aimed at foreign participants and other central banks. Repo facilities let financial institutions park high quality assets, such as Treasury bonds, at the Fed in exchange for liquidity.
“These facilities will serve as backstops in money markets to support the effective implementation of monetary policy and smooth market functioning,” the Fed said in a statement.
— Jesse Pound
Bitcoin could be breaking out of this ascending triangle to test the January High.
So there's predicting the Fed's action, anticipating the comments, and then how you think the market will digest that. I got long all the traditional "markets will take this positively" things (oil, spx futures, copper) and I also got long BTC, and BTC outperformed all the others on a percent basis combined. --Boomer