The overall bearish bias continues to persist in Bitcoin as investors bet against riskier assets ahead of the rate hike announcement. Bitcoin fell over 11% against the US dollar in the past week and is trading lower by 4% on Monday morning. According to crypto pundits, a sharp correction in Bitcoin was expected and we may see the price accelerating towards the major psychological support level of $18,000 zone. The prospect of an aggressive interest rate hike will continue to favor the dollar in the short term. One can expect high volatility to sustain till Wednesday and then any meaningful pullback.
Relevant pivot points
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 1.1331 | 1.1343 | 1.1362 | 1.1374 | 1.1392 | 1.1405 | 1.1423 |
| Fibonacci | 1.1343 | 1.1355 | 1.1362 | 1.1374 | 1.1386 | 1.1393 | 1.1405 |
| Camarilla | 1.1370 | 1.1373 | 1.1376 | 1.1374 | 1.1381 | 1.1384 | 1.1387 |
| Woodie’s | 1.1333 | 1.1344 | 1.1364 | 1.1375 | 1.1394 | 1.1406 | 1.1425 |
| DeMark’s | – | – | 1.1367 | 1.1377 | 1.1398 | – |
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