#Bitcoin - Midweek analysis - $22,600 USD seems a nice support.

in Account Booster 👍2 years ago

Hello fellow #steemians
We just are now into the third day of August and it is mid week for a nice #bitcoin analysis and some #chart work.
I recommend you to go to my blog so you can read some previous analysis - https://steemit.com/@mycryptostalker -

In this post I won't give you the monthly and weekly analysis because that has already been posted and I will share only my opinion on how #bitcoin has behaved in this first 3 days of the month and what to expect.

Today happened something really important regarding #inflation, #economic turmoil and further rate hikes to come. This is so the market can digest the rumor and not panic the day of the next #FOMC.

As #bitcoin is priced vs US dollar mainly, the value of the dollar is of great importance in pricing #bitcoin and other assets as #gold, #stocks, #bonds and #commodities.

This means that US dollar will be more bullish as it is taken as a safe heaven currency, so this means paired assets will be bearish, so we can expect further downside for our beloved #crypto

30 minutes before #Frankfurt open and 1.5 hours before #London session we the chart looks like this...

image.png

https://www.tradingview.com/x/0vjmi9ti/

As stated in previous posts we can see that the ATH and a "strong" daily support has been created around the 18-19k USD area. The asset created support at 20,750 and was tested before the FOMC meeting.
After the FOMC meeting we saw a rally in our beloved asset with a resistance at the 24k.
From then we peaked at 24,700 and now we are in a corrective phase and it seems that 20,600 is a nice respected support.

With today's declarations I would expect a deeper pullback and better price of interest.

image.png
https://www.tradingview.com/x/JWJw2kae/

Here we can observe a nice consolidation box that has respected the support of the 20,600 with a resistance at 21,150.

The first thing we need to see is a breakout of the consolidation box to test either up or down levels.

Be patient and never trade money you can't afford to loose. THIS IS ONLY MY OPINION AND ANALYSIS, DYOR! THIS IS NOT FINANCIAL ADVISE.

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 2 years ago 

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