On the daily chart below, we can see that the buyers failed to break the 25K level with conviction and gave way to the sellers. The top came exactly at the previous August 2022 high and the divergence with the MACD signals that the price is likely to fall back to 21500 level which is the first target for the sellers.
There was some uncertainty in the market given the talk of seasonal factors skewing the economic data based on the month of January, but since the S&P Global US PMIs are based on the recent month of February and they came out strong, the market got that extra confirmation that things are really turning for the worse.
On the 4 hour chart below, we can see that the price has pulled back a bit into the 50% Fibonacci retracement level and it’s now eyeing a breakout to the downside of the counter-trendline. The breakout will be the signal for the sellers to start piling in with the target at 21500.
Yesterday, the market got some bad news again from the ISM Manufacturing PMI which showed a notable bounce back into expansion of the “priced paid” sub-index, used as a proxy for inflation. The market is increasingly worrying of another wave of inflation and a more hawkish Fed. These are bearish developments for the crypto market.
On the 1 hour chart below, we have a more closer look at the near-term price action. For the sellers the breakout of the counter-trendline is the one to watch, while for the buyers, the breakout above the 24000 level would give some hope for another test of the 25000 top.
Tomorrow, we have the ISM Non-Manufacturing PMI which is another key economic report. Strong readings will push the prices even lower, while weak data may give the buyers some relief.
Recommendations for trading BTCUSD:
SELL BTCUSD ( 24.200 - 24.000 )
Stoploss : 24.600
Takeprofit 1 : 22.700
Takeprofit 2 : 21.500
Takeprofit 3 : 21.000
BUY BTCUSD ( 20.800 - 21.000 )
Stoploss : 20.500
Takeprofit 1 : 21.700
Takeprofit 2 : 22.300
Takeprofit 3 : 23.500
Note: Always install TP and SL in all cases
There was some uncertainty in the market given the talk of seasonal factors skewing the economic data based on the month of January, but since the S&P Global US PMIs are based on the recent month of February and they came out strong, the market got that extra confirmation that things are really turning for the worse.
On the 4 hour chart below, we can see that the price has pulled back a bit into the 50% Fibonacci retracement level and it’s now eyeing a breakout to the downside of the counter-trendline. The breakout will be the signal for the sellers to start piling in with the target at 21500.
Yesterday, the market got some bad news again from the ISM Manufacturing PMI which showed a notable bounce back into expansion of the “priced paid” sub-index, used as a proxy for inflation. The market is increasingly worrying of another wave of inflation and a more hawkish Fed. These are bearish developments for the crypto market.
On the 1 hour chart below, we have a more closer look at the near-term price action. For the sellers the breakout of the counter-trendline is the one to watch, while for the buyers, the breakout above the 24000 level would give some hope for another test of the 25000 top.
Tomorrow, we have the ISM Non-Manufacturing PMI which is another key economic report. Strong readings will push the prices even lower, while weak data may give the buyers some relief.
Recommendations for trading BTCUSD:
SELL BTCUSD ( 24.200 - 24.000 )
Stoploss : 24.600
Takeprofit 1 : 22.700
Takeprofit 2 : 21.500
Takeprofit 3 : 21.000
BUY BTCUSD ( 20.800 - 21.000 )
Stoploss : 20.500
Takeprofit 1 : 21.700
Takeprofit 2 : 22.300
Takeprofit 3 : 23.500
Note: Always install TP and SL in all cases
