Bitcoin's bull-run seeking the nearest support
Updated
BTCUSDT SWING TRADE • Long-term • Next General Direction
• Weekly candles beautifully rejecting off of the 30Ks prominently enough.
• Slowing down of the bullish momentum intrinsically.
• Therefore, Bitcoin's 'natural resting phase' will seek out:
1- the nearest support.
2- the nearest gap.
3- the price level that has the most potential to strike back at the Psych. lvl. 30K for a high time frame (weekly\monthly) retest.
• Taking into consideration the previous point, on a weekly/monthly frame, Bitcoin will seek out liquidity from the Psych. lvls., precisely, 25/26K.
Major Key Takeaway:
• With the Fed's decision hiking the IR by 0.25% more on the 3rd of May as expected, DXY will be spotted as more bullish for some time now, giving the bearish sentiment to the markets, which for the case of Bitcoin it will be driven towards 25/26K more. Additionally, since Powell and the Fed's board of governors have increased rates about nine times since March 2022 in an attempt to tame persistent inflation, therefore, up until mid-June 2023 (which is the next rate decision) it shapes up as the perfect bearish sentiment opportunity for the markets to halt a bit and seek the next logical support level until another potential rise up.
— LSC
Trade closed: target reached
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