Bitcoin (BTC) has an interesting 72 hours. There was quite a bit going on in a short time, but unfortunately we still haven’t moved anywhere very technically. But as long as we’re still above $ 52,500, it’s better to calculate another wave of growth. However, yesterday’s hearing at the congress showed that the market will not have a bed of roses next year. But I will comment more on that in tomorrow’s stream.
Current situation at 4H BTC / USD
So Bitcoin has been staying for some 48 hours S / R level 56,000 USD. As you can see from the graph, this level was also retested from above. Thus, the former resistance became support again. And historically, this is quite strong support, so the market has a chance to take advantage of it. Note also the exchange rate reaction near the resistance, which is around 60,000 – 61,000 USD. Look at it carefully.
We have the first negative reaction from Monday. As a result, Bitcoin retested just $ 56,000. But the rejection itself was not so vigorous. But yesterday the bulls tried for a second breakthrough. But it ended tragically, as the 4H candle closed in shape Shooting star. The volumes at the candle were huge, which is also a pretty negative signal.
Interestingly, the rejection came just as Jerome Powell and Janet Yellen had hearings in Congress. Jerome Powell indirectly said they were ready soon to lift rates. Among other things, a much faster cut of asset purchases under is planned quantitative release. The reason is, of course, accelerating inflation.
This is what I warned about for a while. But like I said, we’ll talk more about it tomorrow. In any case, virtually the entire market spilled out. Oil in particular has been hit hard. This was also reflected in the Bitcoin market. However, it was the initial reaction to the newly announced information. Therefore, it may not have any significant effect in the short term.
Therefore, it is better to keep Bitcoin from breaking up the correction structure. So in the end, we’ll look at the $ 60,000. If we go below $ 56,000, a lot depends on the reaction at the S / R level of $ 52,500. There would still be a chance that Bitcoin would make that one growth wave.
In conclusion
I’ve been saying for quite some time that all sorts of $ 100,000 forecasts by the end of the year are completely absurd. Don’t believe such proclamations, you just hurt yourself. We look forward to reaching levels above $ 70,000 in the coming weeks.
ATTENTION: No data in the article is an investment board. The analysis does not try to predict future price developments. It serves exclusively as an educational text on how to approach the market mentally. Before you invest, do your own research and analysis, you always trade at your own risk. The kryptomagazin.cz team strongly recommends individual risk considerations!
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