BTC Struggles
Long term, BTC has developed a massive bearish flag (big red flag) following 2020 rally making higher highs (64854$ then 69000$) and higher lows as well (first big sell off to 33000$ level and second one developing now to 32917) hitting twice the upper trend line and twice the bottom but falling to even retrace the mid line around the 52000-53000$ level.
Short/mid term following the big sell off from 69000$ BTC has developed a bearish flag (Small blue flag) during the past 3 months again making higher highs and higher lows. Right now is at the bottom of the flag struggling to go higher due to pressure from the NASDAQ (tech stocks been hammered following bad results as inflations reaches a 30 year high and FED tightens monetary policy rising interest rate to control it so far not being able to do so). Ucrania war and Rusia sanctions are not helping inflation but worsening it. Worth following up as long term conflict or short term peace would have a huge impact on stock and crypto markets.
Tomorrow’s FED announcement regarding interest rate would be key on future tech stock movement (will it bounce from current levels or fall lower?) thus for BTC which tends to follow them.
In my opinion according to actual AT, macro situation and pending on what happens tomorrow (0.5 rise is expected but how Powell communicates it would have mayor impact), a small bounce could be expected with BTC reaching as high as 40500$ level to start a sell off back to the bottom of the blue flag eventually breaking it opening further downside move.
Key levels to watch on the higher side 40500$ should it break it 43.000$ resistance level would be next. On the lower side should the blue bearish flag pattern break could expect further downside move towards 34500$ support level which coincides with the bottom of the big red bearish flag (a short term bounce could be expected here to around 37000-38000$). If it breaks next support level would be 30.000$ (mayor support here so should not break on the first hit) followed by a weaker support level around the 24000$ then 2017 ATH around 20000$ which should be a massive support area.
I am personally bearish on BTC for short/mid term due to all highly volatile factors affecting the economy right now and the bearish patterns AT is showing on the charts. Based on that I do expect BTC breaking lower in the coming weeks/month with targets below the 20000$ level should the bearish flags play out as expected.
Bottom target around 12000-15000 if flag drop fully develops.
Long term bullish on BTC expecting it to go higher than a 100k for the next bullish cycle after a mayor clean up.
This is not investment advice. Just my own point of view.
Short/mid term following the big sell off from 69000$ BTC has developed a bearish flag (Small blue flag) during the past 3 months again making higher highs and higher lows. Right now is at the bottom of the flag struggling to go higher due to pressure from the NASDAQ (tech stocks been hammered following bad results as inflations reaches a 30 year high and FED tightens monetary policy rising interest rate to control it so far not being able to do so). Ucrania war and Rusia sanctions are not helping inflation but worsening it. Worth following up as long term conflict or short term peace would have a huge impact on stock and crypto markets.
Tomorrow’s FED announcement regarding interest rate would be key on future tech stock movement (will it bounce from current levels or fall lower?) thus for BTC which tends to follow them.
In my opinion according to actual AT, macro situation and pending on what happens tomorrow (0.5 rise is expected but how Powell communicates it would have mayor impact), a small bounce could be expected with BTC reaching as high as 40500$ level to start a sell off back to the bottom of the blue flag eventually breaking it opening further downside move.
Key levels to watch on the higher side 40500$ should it break it 43.000$ resistance level would be next. On the lower side should the blue bearish flag pattern break could expect further downside move towards 34500$ support level which coincides with the bottom of the big red bearish flag (a short term bounce could be expected here to around 37000-38000$). If it breaks next support level would be 30.000$ (mayor support here so should not break on the first hit) followed by a weaker support level around the 24000$ then 2017 ATH around 20000$ which should be a massive support area.
I am personally bearish on BTC for short/mid term due to all highly volatile factors affecting the economy right now and the bearish patterns AT is showing on the charts. Based on that I do expect BTC breaking lower in the coming weeks/month with targets below the 20000$ level should the bearish flags play out as expected.
Bottom target around 12000-15000 if flag drop fully develops.
Long term bullish on BTC expecting it to go higher than a 100k for the next bullish cycle after a mayor clean up.
This is not investment advice. Just my own point of view.
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