Following the previous analysis, due to the closing of the market yesterday and today, we have seen a not so noticeable strengthening of the buyers in the support of 22000, which is only a psychological support, and since a significant volume (at least until today) has not been recorded, this candle cannot be used to continue moving. Ascending was known as a trigger, by observing Bitcoin in the 12-hour time frame after the price reached 24000, after retesting that price area, it had a heavy rejection, and as it can be seen from the last 12-hour candlestick, the last three candlesticks have not been able to produce even one last falling candlestick. Therefore, we expect to see the price rejection again from 23000 to the area of 21500 to 21700.
On the other hand, we see the formation of a flag pattern, the condition for its activation is a break with high volume in the area of 23000, which according to the conditions of the last few candles, a very low probability for this break can be considered.
All in all, considering the very important inflation data and the interest rate announcement, we should expect an exciting week for all markets, because just as the Euro zone interest rate announcement was beyond the market's expectations, the announcement of a 1% increase in the interest rate could be a surprise for the Federal Reserve. It is for the market, which experienced a good growth last week due to the incorrect reading of the inflation statistics by Biden and may have created an opportunity to vent.
On the other hand, we see the formation of a flag pattern, the condition for its activation is a break with high volume in the area of 23000, which according to the conditions of the last few candles, a very low probability for this break can be considered.
All in all, considering the very important inflation data and the interest rate announcement, we should expect an exciting week for all markets, because just as the Euro zone interest rate announcement was beyond the market's expectations, the announcement of a 1% increase in the interest rate could be a surprise for the Federal Reserve. It is for the market, which experienced a good growth last week due to the incorrect reading of the inflation statistics by Biden and may have created an opportunity to vent.
Note
As expected, Bitcoin was rejected exactly when it reached 23,000 and fell to 21,700, which can be attributed to the evacuation of traders by reopening the markets in order to avoid risk from the upcoming data.But in the 1-hour time frame, we see the price movement in the downward channel, and the downward lags in this channel have more momentum.
Due to the strong momentum formed in the 12-hour time frame, expect an upward correction and fall again to the 21500 area of the market, which will create more opportunities for short trades.
The condition for invalidating the falling scenario is to withdraw the recent falling log and stabilize above 23,000, which seems very far-fetched.
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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.