Last week we've called out the next pivot point as to where the BTC might be retesting, and boy we were accurate about it!
For our Weekly TF analysis for today, I have plotted the major points in bitcoin and it's trend shift from wayback 2017 to ATH and now..still in the bearish market.
2020 bearish market was affected by Covid-19. Hence why the price has dumped to 4k levels. We'll be waiting for another 3yrs to witness the next bullrun after late 2020 since it's been the pattern with this market.
This time, it's different since Fed Chair Powell signals that more interest hikes are incoming. And what does this mean in the market?
When interest rates rise, that means individuals will see a higher return on their savings. This removes the need for individuals to take on added risk by investing in crypto or stocks, resulting in less demand for both. It's bad for business in general.
On the technical side of things, we're currently trading at 20k as of writing this analysis. We're expecting a sell-off until 16k levels. Since we're heavy bearish, I'd hold-off my sells until it reaches our Major key level at 12-13k levels.
We have 4 majors news on USD for the coming week, so expect another volatile market and a volatile market brings a lot of opportunities for us traders.
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@Sgeyslaoehshs, Aug 30 - CB Consumer confidence 10pm GMT +8 Aug 31 - ADP Non-Farm Employment 8:15pm GMT +8 Sep 1 - ISM Manufacturing PMI 10pm GMT +8 Sep 2 - Non-Farm Employment change 8:30pm GMT +8 (Look out for this as I believe this is the most important one)