Bottom line: Bitcoin long term structure remains bullish against 3850 support. Since bulls have managed to take out resistance at 10500 recently, a corrective drop could materialize soon. Watch out for 6300/6400 levels for potential support, going forward.
Fundamental Outlook:
Dow Jones closed at 27138 levels, lower by -1%, after having rallied for 7 consecutive days. SPX500 was down more than -0.50% while DAX closed lower by -2.3%. It is too early to confirm, but this could potentially be a turning point for risk sentiment and Global Indices. Today’s most awaited event is the Fed meeting around 02:00 PM EST.
Bitcoin had rallied towards 10500 mark last week before pulling back. The crypto might be facing a potential sell off, as the US Dollar set to regain some of its lost ground. Furthermore, if risk sentiments continue to decline, Bitcoin may follow suit.
AUDUSD managed to hit 0.7042 yesterday, the highest peak since January 01, 2020, before pulling back sharply lower. The risk sentiment related Aussie Dollar managed to close at 0.6954, down close to -0.90%. It may come under further pressure as Global Indices face a potential selloff going forward.
Technical Analysis:
Bitcoin bulls remained under control since 3850 lows, and managed to take out resistance at 10500 levels over the last week. The crypto has already dropped to 9150 lows before pulling back towards 9800/900 mark. The correction could potentially complete around 6300/6400 levels going forward.
Bitcoin has carved an impulse rally between 3850 and 10500 respectively. A corrective drop towards the fibonacci 0.618 retracement (seen around 6230) of the above rally would be considered as high probability.
Aggressive traders might be willing to initiate short positions around 9600/9700 levels, with protective stops above 10500 and potential targets towards 6300/400 levels respectively. Conservative traders might look to buy lower.
Prepared by
Harsh Japee, Technical Analyst.
Bitcoin Chart
MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!
Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.
Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.
MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！
免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。
著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。
