RLinda ! BTCUSDT-> Review of the flagship cryptocurrency
Updated
BTCUSDT - Cryptocurrency remains trapped by market trends. The value of BTC continues to decline. Sellers here are not aggressive, but very consistent: the rate of the flagship cryptocurrency is trading in the range of 20,000-19,000.
BTCUSD, in terms of technical analysis on the daily chart remains without significant changes. The cryptocurrency is holding inside the $18500 support area. As soon as the lower boundary of the range is broken through, the downside target to $15,000 will be actualized.
Wednesday night is the end of the two-day U.S. Federal Reserve meeting. The base case scenario is that the interest rate will be raised by 75 bps. Then the market will get a confirmation of the implementation of the Federal Reserve's previous strategy
Over the past couple of days, the correlation between the S&P 500 index and the BTC exchange rate has recovered to a record high of 72%. The index was higher only in May of this year. This means that risky assets are under a lot of pressure.
From the technical point of view, above the uptrend line, which the price broke down earlier, there is a narrow long protrusion, relative to the boundaries of which the price forms a "shake-out". We see a pullback to an important level, which was previously confirmed very often. The scenario in this case is simple: how deep the price can go on the pullback. Whether it will be the 20000 zone or the 21000 zone, but in the medium term from the 20000-21000 levels I expect the fall to continue. The short-term target is support at 18500 and the medium-term target is the lower level of 17600.
Regards to R. Linda!
BTCUSD, in terms of technical analysis on the daily chart remains without significant changes. The cryptocurrency is holding inside the $18500 support area. As soon as the lower boundary of the range is broken through, the downside target to $15,000 will be actualized.
Wednesday night is the end of the two-day U.S. Federal Reserve meeting. The base case scenario is that the interest rate will be raised by 75 bps. Then the market will get a confirmation of the implementation of the Federal Reserve's previous strategy
Over the past couple of days, the correlation between the S&P 500 index and the BTC exchange rate has recovered to a record high of 72%. The index was higher only in May of this year. This means that risky assets are under a lot of pressure.
From the technical point of view, above the uptrend line, which the price broke down earlier, there is a narrow long protrusion, relative to the boundaries of which the price forms a "shake-out". We see a pullback to an important level, which was previously confirmed very often. The scenario in this case is simple: how deep the price can go on the pullback. Whether it will be the 20000 zone or the 21000 zone, but in the medium term from the 20000-21000 levels I expect the fall to continue. The short-term target is support at 18500 and the medium-term target is the lower level of 17600.
Regards to R. Linda!
Trade closed: target reached
The technical analysis before the news from the Federal Reserve was correct and we reached the first target) +8% on reaching the first target of 18500 support.
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You❗️CAN and ❗️SHOULD make money in trading!
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