Bitcoin - BTCUSD eyes 17 500 USD
Updated
The FED raised interest rates by 75bps yesterday. Despite that, the stock market rose by 3%, providing a temporary lifeline for cryptocurrencies. We view economic tightening and higher interest rates as negative for the U.S. economy and Bitcoin. That is due to the high correlation between these pairs exhibit. Thus, our price targets are 20 000 USD and 17 500 USD.
Illustration 1.01
The picture shows the rapid fall in BTC market dominance.
The Celsius Network, run by Alex Mashinsky, paused withdrawals, swaps, and transfers on its platform a few days ago. Unfortunately, that is a substantial blow to over 1.7 million platform users, leaving their 151 534 BTC locked away. The company's statement says:
“Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.”
Technical analysis - daily time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is extremely bearish.
Technical analysis - weekly time frame
RSI shows oversold extreme. MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is extremely bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Illustration 1.01
The picture shows the rapid fall in BTC market dominance.
The Celsius Network, run by Alex Mashinsky, paused withdrawals, swaps, and transfers on its platform a few days ago. Unfortunately, that is a substantial blow to over 1.7 million platform users, leaving their 151 534 BTC locked away. The company's statement says:
“Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.”
Technical analysis - daily time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is extremely bearish.
Technical analysis - weekly time frame
RSI shows oversold extreme. MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is extremely bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Trade closed: target reached
Our price target of 20 000 USD was reached.
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