BITCOIN & MARKET IN LIQUIDATION PHASE #bitcoin #cryptos
Technical Analysis:
1. Bitcoin finally broke the trendline support of the ascending channel .
2. MicroStrategy ( MSTR ) reached a new high 9th Nov 2021 while Bitcoin attained new all time high 10th Nov 2021.
3. MicroStrategy broke downward the ascending channel support 27th April, 2022 while Bitcoin ranged its ascending channel until 5th May before finally breaking downward.
Fundamental Analysis:
1. April’s Solid Jobs Report didn’t change Fed’s hawkish stance - 50bps rate hike & QT $95 Billion monthly from June.
2. Aside from worries about the Fed's future monetary policy , Covid-related lockdowns in China, which restrict companies' access to supplies, could make high inflation worse.
3. There is uncertainties due to factor of Russia "Victory Day" schedule 9th May, 2022 (Russia-Ukraine war).
4. The current market selloff in ‘liquidation’ phase - This will probably need to “get hotter” before it burns itself out.
How far downward???
Kindly contribute your ideas in the comment session.
1. Bitcoin finally broke the trendline support of the ascending channel .
2. MicroStrategy ( MSTR ) reached a new high 9th Nov 2021 while Bitcoin attained new all time high 10th Nov 2021.
3. MicroStrategy broke downward the ascending channel support 27th April, 2022 while Bitcoin ranged its ascending channel until 5th May before finally breaking downward.
Fundamental Analysis:
1. April’s Solid Jobs Report didn’t change Fed’s hawkish stance - 50bps rate hike & QT $95 Billion monthly from June.
2. Aside from worries about the Fed's future monetary policy , Covid-related lockdowns in China, which restrict companies' access to supplies, could make high inflation worse.
3. There is uncertainties due to factor of Russia "Victory Day" schedule 9th May, 2022 (Russia-Ukraine war).
4. The current market selloff in ‘liquidation’ phase - This will probably need to “get hotter” before it burns itself out.
How far downward???
Kindly contribute your ideas in the comment session.
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