As harsh as it sounds, we think these signs will become more and more apparent in the coming weeksIt 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. .
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 Bitcoin It has been traded in recent weeks.to $ 20,381, the highest on September 27, 2022. In the short term, it will be 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
Although short term Bitcoin We have no reason to leave our country opinions. Accordingly, we maintain our target price at $17,500 and $15,000. We will update our ideas over time.potential i
Yesterday we showed several signs of exhaustion that accompanied the price rally and the subsequent breakout to the upside. We said the explosion would be ; But that was quickly invalidated when the price fell below that . It’s another sign of fatigue. However, the short-term trend is neutral / somewhat ; So we will remain very cautious today and will closely monitor the price action and levels.
Technical analysis – daily time frame
something ; But she is already showing signs of exhaustion. Neutral If it breaks above the midpoint it will be . he is . DM + and DM- are . The daily time frame is something With a very weak direction.
The illustration shows 1.02 BTCUSD and certain levels of interest.From
Technical Analysis – Weekly Time Frame
neutral. She is also neutral. Indicates an uptrend but stays inside region. DM + and DM- are . In general, the weekly time frame ; But the trend has become noticeably weaker in recent weeks.
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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.