Its always important to consider the reality of external factors. I have a bias to the downside and this is why:
The Fed needs prices on everything: Assets, consumer goods, services, etc. to come down to reality. If Prices keep going up the fed will push harder and what I have learned is don't fight the Fed. Obviously there is more than just the FED because crypto is more than the US, but as it relates to the comparison of BTC to the USD this is important to note.
Some people believe BTC and crypto in general gained value during the pandemic, I disagree, I believe it just went up in price as the dollar got weaker, meaning you need more dollars for something of the same value.... that leads me to believe crypto will continue to fall as the Fed tries to strengthen the dollar.
Here's what I see in the Charts:
-First as we are close to the end of a Quarter I decided to just show a quarter chart also......
LINES:
Green Line: Anchor Vwap from Pandemic Low March 2020
Orange Line: Anchor Vwap from Dec. 2017 High
Pink Line: Anchor Vwap from all time High
Likely max upside is Anchor Vwap from Pandemic lows(March 2020). Bounce is losing buy volume and its easy to see sell volume overtakes the small pops.. Likely but not guaranteed to test 22.4K. after a small pullback to cool off.
It could break 22.4K but I would wait for confirmation of that price to stick before trying to take a long position.
My Bias is we consolidate in this range for a while before further significant downside. this is a chop zone, if you don't know what your doing its easy to lose money.
Good Luck!
This is not Financial Advice Make your own choices
The Fed needs prices on everything: Assets, consumer goods, services, etc. to come down to reality. If Prices keep going up the fed will push harder and what I have learned is don't fight the Fed. Obviously there is more than just the FED because crypto is more than the US, but as it relates to the comparison of BTC to the USD this is important to note.
Some people believe BTC and crypto in general gained value during the pandemic, I disagree, I believe it just went up in price as the dollar got weaker, meaning you need more dollars for something of the same value.... that leads me to believe crypto will continue to fall as the Fed tries to strengthen the dollar.
Here's what I see in the Charts:
-First as we are close to the end of a Quarter I decided to just show a quarter chart also......
LINES:
Green Line: Anchor Vwap from Pandemic Low March 2020
Orange Line: Anchor Vwap from Dec. 2017 High
Pink Line: Anchor Vwap from all time High
Likely max upside is Anchor Vwap from Pandemic lows(March 2020). Bounce is losing buy volume and its easy to see sell volume overtakes the small pops.. Likely but not guaranteed to test 22.4K. after a small pullback to cool off.
It could break 22.4K but I would wait for confirmation of that price to stick before trying to take a long position.
My Bias is we consolidate in this range for a while before further significant downside. this is a chop zone, if you don't know what your doing its easy to lose money.
Good Luck!
This is not Financial Advice Make your own choices