Bitcoin has had a dramatic fall from grace since the almighty rally we saw to 69k, we have now see price fall around $40k, Rising rates around the world and signs that many parts of the world are implementing interest rate rises worldwide over the astronomical Inflation since the pandemic. Crypto has always been notorious with massive rallies and falls and we have now seen BTC fall to $29k and we have seen price trading sideways and creating a 'contraction' we are seeing the volume profile build, an increase in size this is alerting us to the fact lots and lots of transactions are happening here, we can now wait for an explosive move either back to the Volume, maybe we see this move if DXY can retrace, as people run from the $ in search of yield, or we see a major continuation to the downside, So yeah watch this contraction attentively it will decide Bitcoins short term future. All the Best Zen
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.