BTC Upside Potential

Did FED Day actually change the course for Bitcoin? Prior to yesterday’s rate decision, BTC was hovering over a very critical support level of $46,000 and breaking below that support level would have been very bearish.  On the daily chart, BTC continues to hold the 200-day SMA.  

Bitcoin gained more than 6% on Fed day rising from $46600, below fib 0.786 to $49500, just below the local support of fib 0.236. Bitcoin is likely to drop to the local support of $48275, at fib 0.5, and then rise again to the falling trend line of lower highs making EMA 200 its support. This should also act as a resistance level for Bitcoin on an hourly timeframe.