Hello Traders!
After going beyond the upper boundary of the $37800 - $45600 side range, the BTC price consolidated between $45600 - $47800 for more than a week. Then there was an appearance of voluminous sellers, as a result of which the price returned under the level of $45600 in the sideways range.
Bitcoin showed a clear correlation with the S&P500 broad market index, which started correcting after the Fed speech last week. The theme of the speech was the winding down of the quantitative easing program, as well as raising the base interest rate.
It should be noted that the market has already put the probability of such actions of FRS in the price several times. At the moment the sentiment on both markets is not in favor of growth, many participants since the end of 2021 went out of risky assets. On the other hand, the record indicators of inflation in the USA were announced this week, which amounted to 8.5%.
Taking into account the above mentioned it is possible to expect the irrational behavior of the market, which may result in the local growth.
It is possible to look for purchases near the current price values of $39400 - $41400.
Closing the deal using stop loss is worth in case of price leaving below the level of $35400
The profit-taking targets will be price levels of
$51500
$55200
$59600
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
After going beyond the upper boundary of the $37800 - $45600 side range, the BTC price consolidated between $45600 - $47800 for more than a week. Then there was an appearance of voluminous sellers, as a result of which the price returned under the level of $45600 in the sideways range.
Bitcoin showed a clear correlation with the S&P500 broad market index, which started correcting after the Fed speech last week. The theme of the speech was the winding down of the quantitative easing program, as well as raising the base interest rate.
It should be noted that the market has already put the probability of such actions of FRS in the price several times. At the moment the sentiment on both markets is not in favor of growth, many participants since the end of 2021 went out of risky assets. On the other hand, the record indicators of inflation in the USA were announced this week, which amounted to 8.5%.
Taking into account the above mentioned it is possible to expect the irrational behavior of the market, which may result in the local growth.
It is possible to look for purchases near the current price values of $39400 - $41400.
Closing the deal using stop loss is worth in case of price leaving below the level of $35400
The profit-taking targets will be price levels of
$51500
$55200
$59600
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
Disclaimer
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.
Disclaimer
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.