Bitcoin has formed a bearish triangle on the daily time frame and currently on the 37700 support region indicating a downwards pressure as our stochastics oscilator is below the 80 mark region and pointing downwards, our MACD is also pointing downwards. This is as a result of traders pricing in a 50 basic point rate hike by the federal Government in order to tackle 40 years high inflation as BTC and the S&P500 tends to have a positive correlation indicating movement in same direction, a break out of this falling triangle would set a new pace. for now our bias in sell bias
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.