Bitcoin (BTC) has probably spilled out of the growing channel, which we can certainly consider as a signal for the further decline of the course. I would even dare to say that the breakthrough has been confirmed in the lower time frames.
Otherwise a substantial part yesterday’s long stream we addressed Wednesday’s Fed decision, which of course is nothing friendly for the markets. In essence, the US central bank has condemned the stock market and bitcoin to the bear market – holt is no longer their priority to keep markets up. It had to come one day. So while quantitative release (QE) received bitcoin over $ 60,000, quantitative tightening (QT) it will logically move us to the other side – hard to say how deep we will get. No one knows. We don’t even know how an aggressive decline will result. I guess that’s exactly what we’ll find out in the fall.
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Current situation at 4H BTC / USD
So today we will look at the 4H time frame, where it is quite nice to see the breakthrough from that channel. The breakthrough itself is clearly accompanied by strong volumes. Volumes, which are the largest since the end of last year. But if you look at volumes from an even longer-term perspective, they are so-called outstanding – At first glance, they have stood out for the last year and a half or so.
Therefore, it can be stated that the breakthrough from that long-watched channel is behind us. But as you can see, bitcoin still tends to stay close to $ 37,000. However, the rinse was solid, so it is rational to expect it to continue. Unfortunately, it’s Friday and they tend to be calmer.
So I wouldn’t be totally hrrr to have the $ 30,000 at our door. But perhaps we will see, because the dynamics will perhaps increase the dynamics – the assumption is that for those 30,000 USD, a pile of purchase orders sits like a hen on an egg. Respectively, we do not know logically for sure. Bitcoin must test those levels first.
By the way, the breakthrough from that falling wedge is a typical bull trap. Do you notice that the market is making these bull traps much more than last year? Market sentiment is changing, the market has simply changed. Pumps are suddenly seen as an opportunity to short. Hard change.
Indicators
Dle RSI indicator the decline stopped exactly at the borderline 30 points. So far little reflection, no momentum.
In conclusion
On the daily and lower time frames, the bitcoin definitely spilled out of the falling wedge and rising channel. The weekend will probably stay calm – maybe, I want to be calm.
It’s holt monotonous, but the $ 30,000 is almost outside the door. And I think that patience in this respect is quite possibly worthwhile – logically, I don’t advise anyone what to do.
ATTENTION: No data in the video is an investment board. The analysis does not try to predict future price developments. It serves exclusively as educational content on how to approach the market. 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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