Slobodan Drvenica
Windsor Brokers
The Bitcoin hit new 2022 on Monday, extending a steep fall into fifth straight day.
Last week action closed with over 9% loss and generated additional negative signal on completion of weekly bearish engulfing pattern.
Expectations for another large Fed rate hike (0.75% is widely expected, though some economists bet for 1% raise) keeps bitcoin under increased pressure.
Today’s dip to new annual low (18242) was so far short-lived as the price bounced, but upticks were limited, as overall structure is bearish and sentiment is negative.
Monthly chart shows that that larger bears off a record high at 68911 (Nov 2021) struggle at pivotal Fibo support at 19143 (76.4% of 3770/68911, Mar 2020/Nov 2021 rally), lacking a clear break lower for the fourth consecutive month.
Eventual clear break here and also through the base that was forming in past 3 ½ months at 18500 zone, would signal a continuation of a larger downtrend and unmask targets at 13207 (Nov 2021 low); 12270 (100MMA) and open way for test of psychological 10000 support on stronger acceleration.
Technical studies are in bearish setup, with fresh negative signal seen on formation of 20/200WMA death-cross.
Falling daily Tenkan-sen (20508) should keep the upside protected, to maintain negative bias.
Res: 19790; 20025; 20280; 20508
Sup: 19143; 18512; 18242; 17540
-637991994973205213.png)
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.