Better to wait for 41.4-42K area
Morning guys,
Although we intentionally skipped Thursday update, as market was dead, today also we do not have any big progress. Speaking shortly, BTC stands now in tricky situation when it has multiple fundamental headwinds, such as interest rates rising, and at the same time constantly is supported by cross-border capitals flow from EU. This cross of different factors definitely promises volatility, but hardly could become reliable foundation for major bullish reversal. Capital flows is temporal feature that should be over within 2-3 months by our view, while fundamentals supposedly become more negative for BTC.
Speaking on short-term performance we see few signs of weakness, mostly on daily chart and no acceptable bullish signs on intraday chart. Daily trend has turned bearish as well. With this environment, we think that it would be better to wait a bit more, at least until market hits 41.40-42K intraday support area. Hopefully we get something more interesting to our next update on Thu.
Although we intentionally skipped Thursday update, as market was dead, today also we do not have any big progress. Speaking shortly, BTC stands now in tricky situation when it has multiple fundamental headwinds, such as interest rates rising, and at the same time constantly is supported by cross-border capitals flow from EU. This cross of different factors definitely promises volatility, but hardly could become reliable foundation for major bullish reversal. Capital flows is temporal feature that should be over within 2-3 months by our view, while fundamentals supposedly become more negative for BTC.
Speaking on short-term performance we see few signs of weakness, mostly on daily chart and no acceptable bullish signs on intraday chart. Daily trend has turned bearish as well. With this environment, we think that it would be better to wait a bit more, at least until market hits 41.40-42K intraday support area. Hopefully we get something more interesting to our next update on Thu.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
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