Bitcoin Poised For More Upside Ahead Of Fed Day

Bitcoin appears to be positioned for upside continuation and acceleration ahead of and in reaction to an anticipated 25 bps rate cut tomorrow... Despite the market expecting a 25 bps cut (96% according to the Fed funds futures market), the prospect of a modestly dovish Fed renewing a rate cut cycle into year-end is a dog whistle for crypto risk-on. Technically, as long as support between 107,271 and 112,500 contains any forthcoming weakness, the pattern that has developed off of the 123,200-124,500 ATH-zone argues that a correction ended at 107,271 and a new upleg is in its budding stages... Last is 115,452...