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Sive-Morten
May 4, 2023 8:32 AM

"222" Sell 

Bitcoin / United States DollarCoinbase

Description

Morning folks,

Today we need just 1H chart to make an update, because BTC shows humble reaction on Fed statement, at least compares to gold market. Despite minor bounce - the daily H&S is still valid and we could talk about its failure only if BTC returns back into 30-31K range, at least.

For now - the only Fed's fruit here is "222" Sell pattern. If you believe that H&S will fail, you could consider long entry around 28.5-28.6K area. Alternatively, bears could use this "222" for downside continuation. Maybe NFP will bring more clarity tomorrow.

In general, current Fed policy is "loose-loose" for BTC. Higher rates will destroy stock and BTC market, while rate cut with 5+% inflation level promise also nothing good in longer-term perspective, as inflation will raise more, especially on a background of record budget deficit, and I'm not talking about debt ceil saga.
Comments
Adel_khani
Hello. Do you have any bitcoin analysis today?
Sive-Morten
@Adel_khani,
Yep, I'm working with it, will be within half an hour. We make it every Mon and Thu.
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