Indicators are more negative than positive for Bitcoin in the short term
After falling sharply during last weekend, Bitcoin managed to rise to levels above $50k raising hopes that it will rise even further. However, the rally was short-lived and Bitcoin dropped once again to find support at 200 DMA. 200 DMA is currently at around $46.5k. Bitcoin continues to trend downwards in a channel. RSI is near oversold on the daily chart. Bitcoin will face resistance between $53k and $54k in my opinion and then at 50 DMA.
On the 4-hour time frame, the situation looks more negative. Bitcoin is clearly in a downtrend and has also formed a bearish flag pattern from which it broke downwards confirming the pattern. It is also on the verge of forming a small head and shoulders pattern that if confirmed, will signal a further downtrend. RSI is the only thing positive but can be ignored in front of other signals.
US inflation data will come out today and a surprise to the higher side can spook markets about FED action. Both the US Dollar index and long-term rates are inching higher in expectation of ~7% print. That will also impact Bitcoin in the short run. That is a key macro risk to Bitcoin's chances of any reversal in the short term. Any high number will make the markets feel that the US FED will withdraw liquidity from the markets sooner than expected, causing all risk markets to correct a bit.
Hello @karamyog
Particularly ncrro that it will have a few days of bear market, then build up and go up. But it won't be this year that it will go up again, I don't think so.
I also see in the short term that there will be no more of those.gramdes rise.and new price.highs this year. But next year, if it can be something else.
what is ncrro? is it short for something? yeah i think, this year is almost over for anything meaningful to happen. Holiday season is here. liquidity wil dry up. sharp moves can be expected
Greetings @karamyog, the reality is not very encouraging news that you share about the BTC, but it seems to be a great reality, some experts say it is a false break, and other experts who study the figures of the graphs see it as a Bart Simpson head, where they will form their hair and returns to the rise, the reality I do not know just have to wait and be forewarned what the market performs.
yeah, everyone is trying to make an intelligent guess based on their experience. Only time will tell.
Thanks for sharing fear and greed index shows investors have been panic selling their holdings which is causing more market pullback.
thanks for the info
@karamyog Thank you for your analysis but I honestly don`t expect anything meaningful in term of upward movement this year again.
that could be true