Bitcoin is currently trading at $28,300, which I believe is the top of the bear market rather than the beginning of a bull market. I think Bitcoin could potentially reach $28.7k, and with a fake pump, even $29.3k is possible, but we won't have confirmation until Monday. My current setup isn't giving me a buy signal because the market always undergoes a retest, which I think could bring Bitcoin down to the $25.5k area. If this level proves to be strong, we could see a significant upward move, possibly up to $30k, but I won't be buying any trades at the moment.
From a fundamental perspective, some banks recently saw their shares drop significantly, and the Fed confirmed on Friday that the banking system is safe but that they've started printing dollars, which will lead to increased inflation, already at its highest level in 40 years. Additionally, next week's FOMC meeting minutes will decide whether to increase rates by 25 or 50 bps. These two figures are currently on the table, and it remains to be seen which will be selected.
To summarize, printing more dollars will lead to increased inflation, which in turn will lead to higher bps hikes. Higher bps hikes will strengthen the USD and potentially lead to a recession, which could result in a market crash and increased unemployment. Therefore, I suggest surviving through day trading and avoiding holding onto assets in these uncertain times to avoid losses.
From a fundamental perspective, some banks recently saw their shares drop significantly, and the Fed confirmed on Friday that the banking system is safe but that they've started printing dollars, which will lead to increased inflation, already at its highest level in 40 years. Additionally, next week's FOMC meeting minutes will decide whether to increase rates by 25 or 50 bps. These two figures are currently on the table, and it remains to be seen which will be selected.
To summarize, printing more dollars will lead to increased inflation, which in turn will lead to higher bps hikes. Higher bps hikes will strengthen the USD and potentially lead to a recession, which could result in a market crash and increased unemployment. Therefore, I suggest surviving through day trading and avoiding holding onto assets in these uncertain times to avoid losses.
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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.