After weeks of suffering, the Bitcoin remains one of the most neutral assets since last week. The operators are decidedly in the background, waiting for key people to position themselves.
Bitcoin – Weekly Chart: Little Change
Prices show no particular change in the medium term. The weekly candle closes below the Fibonacci ratio and remains relatively flat.
The fact that operators are in the dark about the development of rise in key interest rates, rising inflation and fear of recession explain this situation. Specific answers with a firm date for the stabilization of this rate hike will be needed to reassure the market. Which is not yet the case.
From a technical point of view, if this inflation continues, then it could put market under pressure and send Bitcoin back to much lower levels. A measure given by the Fibonacci extension is given at $15,900the Golden cut !
The medium-term support, at $18,800still remains solid and still hasn’t given up despite several attempts to break out on the downside. To hope for a recovery, it will be necessary to break Weekly Tenkan placed at $21,600. This will provide a good rebound signal to search for the second $25,000next Fibonacci ratio.
Bitcoin – Daily Chart: Back to basics
After another breakout attempt, prices finally rallied daily kijunwhich blocked the passage to the nearest dollar.
In fact, the past week has shown strength in the early days. Before it finally crashed at the end. And now this week, Bitcoin is back in the medium term support of $18,800. Note, this one is, as written above, relatively symbolic. If it breaks, we can expect a return to the lows of last June, at $17,520.
To invalidate this range and attempt a rebound, resistance remains the same at $20,500. This daily Kijun is a real signal that will integrate the daily cloud and test its short-term trend line. By extension, if it is broken, a bullish signal fort would be sent !
This recovery will only happen with strong macroeconomic support. With, for example, an inflation figure in the US that would be lower than expected. And with trust from operators, which to date is lacking…
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