Bitcoin got a lift from the FOMC statement Wednesday, but this was just a fool's rally. As we predicted here, $40K proved to be a significant barrier and we rejected this level immediately, selling off sharply and smashing through relative lows at $37.7K which previously held strong. We saw a double bottom at this level and the fact that we were able to cut through it so easily with the selloff is not a good sign for Bitcoin. We are currently finding support just above the next level at $34.9K. We should stress that this level is quite significant as it is a major Fibonacci level on the daily chart. If we are able to break through, then the next Fibonacci level is at $29K. If we are able to pivot off current levels, then we must first break through $36.7K then $37.7K, before we can consider $40K again.
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