No Crypto Island for BITSTAMP: BTCUSD By Tradersweekly – Technische Analyze – 2022-09-23 09:27:25

For some time before the Fed meeting, we warned investors that another rate hike would scare the market, leading to weakness across the board. Moreover, we expected an irrational and short-term rebound in the price of BTCUSD May happen after the decision due to private investors buying on the decline in hopes of the Fed swing 2022 or 2023.

However, this was not a message that Jerome Powell sent to the market. Instead, he reiterated his tough stance against interest rate increases in 2022 and 2023. Based on chart provided by Chairman Federal Reserve The first rate cut can be expected in 2024. This indicates that the economy will remain under significant tightening pressure throughout 2023 and is likely to continue into the first half of 2024. This in turn leads us to speculate on continuing deteriorating economic conditions and data, as well as deepening recession and aversion to risk taking.

Furthermore, yesterday’s price action proved that our assessment of the initial retracement and unloading was correct Bitcoin It halted its rally just below $20,000 (immediately after the decision) and then pulled back to close to $18,000.

In our opinion, this triggered volatility only highlights alcohol market Market sentiment and the high level of anxiety among market participants. In addition, technical indicators support across the daily, weekly and monthly time frames alcohol market Concept. Because of that, we have no reason to back down from our position alcohol market Impressions, we stick to the $17,500 and $15,000 price targets.

Illustration 1.01

glimpse

Illustration 1.01 shows the intraday price action of BTCUSD On the 1-minute chart after the Fed’s decision.

Technical analysis – daily time frame

RSI And the MACD And the Random DM + and DM- are all alcohol market . In general, the daily time frame is alcohol market .

Illustration 1.02

glimpse

The illustration shows 1.02 daily chart From BTCUSD two SMAs and simple Support / Resistance levels. A new bottom has been formed under the immediate support, which is consolidating alcohol market case for BTCUSD .

Technical Analysis – Weekly Time Frame

RSI And the MACD And the Random DM + and DM- are all alcohol market . In general, the daily time frame is alcohol market .

You are welcome to express your thoughts and ideas in the comment field.

Disclaimer: This analysis is not intended to encourage the purchase or sale of any particular security. Furthermore, it should not be a basis for any trading action to be taken by an individual investor. Therefore, your due diligence before entering into a deal is highly recommended.

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