Bitcoin: Easy Monetary Policy Means Buy Pullbacks. Bitcoin / US DollarCOINBASE:BTCUSDMarcPMarketsBitcoin has rejected the 118K resistance for now, but with the FOMC behind us and an EASY monetary policy agenda ahead of us, I would be looking for buying opportunities. The current rejection of resistance is confirming the consolidation which may persist for some weeks or months but based on the current environment, there is a greater probability of a bullish break out. The economic environment plays a key role here. Based on the history of FED rate cuts, the S&P is very likely to be higher over the coming year as a result. This implies short term pullbacks should be viewed as buying opportunities and I believe the same will be for Bitcoin. UNLESS something fundamentally changes. Like the FED changes its policy for some unexpected reason, etc. This easy monetary policy makes a strong argument against my Wave 1, Wave 4 overlap confirmation event that occurred in Bitcoin when it briefly broke the 108K area. Since the environment favors inflation, the current consolidation developing in Bitcoin can still be the broader wave 4. This implies there is a bullish wave 5 ahead which is in line with Fed policy. The consolidation break can be very similar to how Gold behaves which recently broke out to new all time highs. Keep in mind, I am not one of these "Bitcoin is going to a trillion" Michael Saylor people, I am just interpreting the price structure through a fundamental lens. So for swing traders and investors: I am looking for any price move back to major support levels like 113K (See chart), 108K or even the 105K area (extreme). Over the short term, pullbacks that seem dramatic can unfold which is why waiting for major levels is key. Upon such a retrace, I will be looking for reversal confirmations like pin bars etc. Also I will use my Trade Scanner Pro to define risk and profit objectives on smaller time frames like the 4H AFTER the predetermined support is reached like 113K. Thank you for considering my analysis and perspective.