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Wednesday, May 3, 2023

May 03, 2023 at 12:42AM Pre-bounce preparation

Pre-bounce preparation

Ethereum / U.S. dollar BITSTAMP:ETHUSD

1/5 In April, #Bitcoin, #Ethereum, the S&P 500, Nasdaq, #Gold and #Silver all printed green monthly candles, while #DXY turned red, setting the stage for the market to continue its momentum May rally.
However, there are a few things we need to do before any major rally can begin.
2/5 We must first complete this week's #FOMC meeting, which will take place on Wednesday, May 4. At this week's key meeting, the Fed will announce its decision to raise interest rates in May. Currently, the CME tool shows a 90.9% probability of a 25 basis point #ratehike.
3/5 While the most notable event this week is Wednesday's FOMC meeting, Powell's comments at his FOMC press conference, which will take place immediately after the rate hike decision, are equally important.
4/5 If Powell hints at a pause, it could send the bubble market into a full-blown rally.
While nothing definite has happened yet, #Bitcoin's dominance is starting to show early signs of a breakout, as shown in the chart below.
Note the MIL:BTC dominance of over 49%!
5/5 All in all, it's going to be an exciting week with #Bitcoin looking very bullish, #memecoins popping up like #pepe or so, and the Fed rate hike decision to be announced on Wednesday.
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from TradingView Ideas

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