Decisive Support Range!
Updated
Hello to all members of TradingView and my followers.
Although the market has become more aware of the tougher positions of the Federal Reserve, it seems that the conditions of the possibility of a recession have become more complicated for traders.
Today, the United States jobs and wage data are released.
However, it is likely that the employment statistics in the non-agricultural sector, which were announced last month at 390,000 jobs, will be announced with a decrease of 268,000 jobs for this period.
But this is still higher than the highest figure compared before the beginning of the pandemic era.
This shows that the Fed still has the power to press even higher than 75 basis points in future meetings. Although this option has a lower probability, it attracts the majority's opinion on this issue.
Technical Analysis:
In the four-hour timeframe, a ceiling higher than last week's ceiling has been created during the past hours due to the decrease in the power of the supply sector.
This upward movement has been created under the grip of the three major pivots of the past. If the price remains above the $21,100-$20,830 range, it can be prepared for further growth up to the $23,120 range.
If this support is not maintained, the fall to lower support will be certain.
A narrow ascending channel can be considered for the price in the 4-hour time frame. So as long as the price doesn't break out of the channel, there is potential to rally again and move towards the $23,120 resistance.
If it is helpful to you, please like it. If you have a comment, I'll be happy to know. Respectfully.
Although the market has become more aware of the tougher positions of the Federal Reserve, it seems that the conditions of the possibility of a recession have become more complicated for traders.
Today, the United States jobs and wage data are released.
However, it is likely that the employment statistics in the non-agricultural sector, which were announced last month at 390,000 jobs, will be announced with a decrease of 268,000 jobs for this period.
But this is still higher than the highest figure compared before the beginning of the pandemic era.
This shows that the Fed still has the power to press even higher than 75 basis points in future meetings. Although this option has a lower probability, it attracts the majority's opinion on this issue.
Technical Analysis:
In the four-hour timeframe, a ceiling higher than last week's ceiling has been created during the past hours due to the decrease in the power of the supply sector.
This upward movement has been created under the grip of the three major pivots of the past. If the price remains above the $21,100-$20,830 range, it can be prepared for further growth up to the $23,120 range.
If this support is not maintained, the fall to lower support will be certain.
A narrow ascending channel can be considered for the price in the 4-hour time frame. So as long as the price doesn't break out of the channel, there is potential to rally again and move towards the $23,120 resistance.
If it is helpful to you, please like it. If you have a comment, I'll be happy to know. Respectfully.
Note
According to Bitcoin Analysis, buyers re-entered the market as the price moved into the $21,000 demand zone.
Following this incident and oversaturation conditions in the market, RSI also reached above 60, indicating strong market purchases.
In addition, the price is above the 20-day and 50-day average, which means the superiority of buyers in the market.
Note
Let's take a look at the one-hour time frame. Currently, Bitcoin is still maintaining the static range of $21,300, and due to the recent heavy pumps, it has held its stability above $20,000.
If it crosses the static range of $21,700 and dynamic resistance in the 1-hour TF, it will go to the $22,925 target after a little range of movement and fluctuation. Otherwise, with the formation of a new pattern, it can return to the $20,000 range.
Note
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