Quick #BTC# Update before the FOMC Everyone is speculating about what will happen after the FOMC meeting yet no one has a clue. There is one thing for sure: The volatility will be extremely high. The price is in the middle of nowhere right now. I would not press any buttons here. As I said in the TG update, it looks like a rejection from the green line (AVWAP +1 std dev. from May High). There is also confluence with the Monday Range 1st extension. The EQ of the range is at 115.5k and it may temporarily hold as support. What may happen before/during the Fed Rate decision and FOMC press conference? It can be a sell the news event or the FOMC may turn out to be more dovish than expected and everything may go up. This depends on various things such as the dot-plot, QT/QE, Powell's tone in the conference. However, there is no reason for FOMO or FUD at this point. We will have plenty of opportunities after everything is clear. The first main support is between 112.6k and 113.3k, the AVWAP levels from the last local low and the ATH. The next support is at 111.3k, the EQ of the 98k-124.5k range. Unless these levels are lost on 4h/1D timeframes, I would expect a bounce and a move higher. The main resistance is at 117k but there is also the golden pocket of the last drop from the ATH between 117.9k and 118.6k. A possible SFP would make a top in that range. If BTC breaks out from this range with momentum, a new ATH is imminent. The lower end of the range is the 20W SMA at 110.2k and the 21W EMA at 108.5k however unless the Fed is extremely hawkish which is extremely unlikely, the uptrend will continue and BTC will not re-visit these levels. As I said, there is no need to press any buttons here if you don't already have long positions from the range lows or short positions from the range highs. We will have plenty of time to make better decisions when everything is clear.

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