ONLINE FOREX BROKER
2021-09-07 • Updated
Bitcoin has gained more than 60% since the middle of July and reached $50.000. At the moment it looks like the trend lost its momentum and the crypto market will face a big correction. Let’s check the chart and determine potential targets and buyback levels.
Technical analyses
Long term period:
4H chart
Bitcoin is moving in the rising channel. Last time it couldn’t reach the upper border of this channel, which is the first potentially negative signal. Moreover, there is a divergence on the RSI oscillator occurred.
Short term period:
30min chart
Bitcoin has formed the falling wedge pattern with the RSI divergence and the potential target at $49.700. In this case, a good choice might be to wait for the wedge breakout and open a long trade after.
If Bitcoin plays out the scenario with the falling wedge pattern and goes towards the previous high, the potential short entry point will be in the $50.000-$50.500 range. Otherwise, as soon as Bitcoin breaks through the bottom line of the channel the price will go towards $44.000 and lower.
Resistance range: $ 50.500 – 50.500
Support levels: $47.300; $44.000; $42.000; $40.000
Recently, on the 16th of January, 2023, Thailand Securities Exchange Commission issued fresh rules in its continued efforts to protect investors' assets and build confidence in the crypto space. It comes right after Bitcoin surged above $20k. However, is this enough to kickstart a full recovery for crypto coins?
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
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This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
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