Price of Bitcoin is in a steep decline for the last 7 weeks!
I think this is a first in Bitcoins history! 7 red weeks in a row!
This week price dropped around %20! BTC tested 200 weekly ema which is around 27k USD.
Buyers stepped in and price went back above 30k rapidly.
There is high amount of volatility in the markets!
This is not a good sign for bulls. Price needs to consolidated and form a bottom before upside movement.
Also FED chairman Powell said this week that, they are not promising soft landing to the US economy meaning there could be recession in the future!
This means they will raise rates and decrease money supply no matter what!
Institutions are starting to run away from risky assets and buying in on government bonds.
Last week US 10y bonds are over 3 but right now they around 2.8!
BTC will form a lower low before going to ATH again.
I dont know when will the ATH come but im pretty sure it will not come this year!
This year bottom will form somewhere between 200 Weekly ema and 300 weekly ema hopefully.
Which is around 20-27k.
I think bottom will be closer to 20k and will linger there for couple of weeks before going back up.
I do not expect strong rallies for long periods of times, that lasts weeks.
If price raise quickly to the upside think it as a profit taking oppurtinity.
We will go lower before going back up again!
Also it is still to early to form a bottom just yet!
We simply dont know for sure what FED will do about inflation.
We should wait for at least Jackson Hole meeting which is in August.
Follow for more charts and data.
I think this is a first in Bitcoins history! 7 red weeks in a row!
This week price dropped around %20! BTC tested 200 weekly ema which is around 27k USD.
Buyers stepped in and price went back above 30k rapidly.
There is high amount of volatility in the markets!
This is not a good sign for bulls. Price needs to consolidated and form a bottom before upside movement.
Also FED chairman Powell said this week that, they are not promising soft landing to the US economy meaning there could be recession in the future!
This means they will raise rates and decrease money supply no matter what!
Institutions are starting to run away from risky assets and buying in on government bonds.
Last week US 10y bonds are over 3 but right now they around 2.8!
BTC will form a lower low before going to ATH again.
I dont know when will the ATH come but im pretty sure it will not come this year!
This year bottom will form somewhere between 200 Weekly ema and 300 weekly ema hopefully.
Which is around 20-27k.
I think bottom will be closer to 20k and will linger there for couple of weeks before going back up.
I do not expect strong rallies for long periods of times, that lasts weeks.
If price raise quickly to the upside think it as a profit taking oppurtinity.
We will go lower before going back up again!
Also it is still to early to form a bottom just yet!
We simply dont know for sure what FED will do about inflation.
We should wait for at least Jackson Hole meeting which is in August.
Follow for more charts and data.