Watching some of these local support levels (in green on the right price column).
The best outcome is that we continue to respect the $38.7k as support going into Monday which barely gives us a higher low.
If we drop further, an optimistic target is around $38.1k on the downtrend channel support. Below there is $37k, $35k.At $35k the macro uptrend is technically intact but barely. Bulls should strive to remain above $37k if possible.
In terms of overhead resistance - we can add $40k to the list as the first target for bulls to recapture.
In my view the US Government appears insistent in talking the markets down with a press release or speech every few days talking about inflation and raising rates and other things that spook markets. They also appear interested in frontloading their battle with inflation, meaning they want to go more aggressive now, perhaps to give them room later to scale things back.
That said - supply continues to fly off exchanges which combined with the macroeconomic sentiment may lead to increasingly volatile markets, up or down will happen often and quickly- this means trade safely.. until we see a clear direction, crypto will continue to chop and this will exhaust even the most season traders.
The best outcome is that we continue to respect the $38.7k as support going into Monday which barely gives us a higher low.
If we drop further, an optimistic target is around $38.1k on the downtrend channel support. Below there is $37k, $35k.At $35k the macro uptrend is technically intact but barely. Bulls should strive to remain above $37k if possible.
In terms of overhead resistance - we can add $40k to the list as the first target for bulls to recapture.
In my view the US Government appears insistent in talking the markets down with a press release or speech every few days talking about inflation and raising rates and other things that spook markets. They also appear interested in frontloading their battle with inflation, meaning they want to go more aggressive now, perhaps to give them room later to scale things back.
That said - supply continues to fly off exchanges which combined with the macroeconomic sentiment may lead to increasingly volatile markets, up or down will happen often and quickly- this means trade safely.. until we see a clear direction, crypto will continue to chop and this will exhaust even the most season traders.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.