BITSTAMP MARKET DOESN’T BE EXCEEDED: BTCUSD By Tradersweekly – Technische Analyze – 2022-10-05 17:26:31

with Bitcoin Jumps above $20,000, we see an increase again rising Ideas everywhere, claims below, new continuously Peaks, and even a trend reversal though bearish Macroeconomic factors. Although, however, elevated volatility And extreme fluctuations in prices do not concern us. On the contrary, it gives us confidence because the market sentiment reflects what it should be like in a bear market – constant fluctuations in the mood of market participants, people trying to advance in the market and huge moves in individual stocks/crypto titles.

As harsh as it sounds, we think these signs will become more and more apparent in the coming weeks volatility It will continue to rise, which leads to more risk aversion and another push down the market. Our thesis comes from the hypothesis that the Fed will raise interest rates in November 2022, further causing the market to crash to high levels. inflation .

In our view, these macroeconomic factors, along with technical factors, portend a new decline for Bitcoin 2022 and a continuation of the decline in 2023. Moreover, the lack of liquidity that is reflected in lower monthly volumes indicates Bitcoin It does not attract the attention of new investors, which is an obstacle to a trend reversal; Meanwhile, this lack of liquidity has been responsible for the wild ups and downs in recent months.

At the moment we pay a lot of attention resistance level to $ 20,381, the highest on September 27, 2022. In the short term, it will be rising If the price manages to break through that level and stay there. However, a failure of the price to hold above the resistance will signal a return to the lower part of the range, where Bitcoin It has been traded in recent weeks.

Although short term rising potential i Bitcoin We have no reason to leave our country bearish opinions. Accordingly, we maintain our target price at $17,500 and $15,000. We will update our ideas over time.

Illustration 1.01


Yesterday we showed several signs of exhaustion that accompanied the price rally and the subsequent breakout to the upside resistance level . We said the explosion would be rising ; But that was quickly invalidated when the price fell below that resistance level . It’s another sign of fatigue. However, the short-term trend is neutral / somewhat rising ; So we will remain very cautious today and will closely monitor the price action and the sound levels.

Technical analysis – daily time frame

RSI something rising ; But she is already showing signs of exhaustion. MACD Neutral If it breaks above the midpoint it will be rising . Random he is rising . DM + and DM- are rising . The daily time frame is something rising With a very weak direction.

Illustration 1.02


The illustration shows 1.02 daily chart From BTCUSD and certain levels of interest.

Technical Analysis – Weekly Time Frame

RSI neutral. Random She is also neutral. MACD Indicates an uptrend but stays inside bearish region. DM + and DM- are bearish . In general, the weekly time frame bearish ; But the trend has become noticeably weaker in recent weeks.

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. Moreover, 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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