Macroeconomic Outlook
Unfortunately, the market is not going well. The high course of global inflation threatens the economies. Rising interest rates cause liquidity and recession risk.
Inflation seems to be permanent for a long time. Even if central banks increase interest rates, they may need to continue with high interest rate policies for a long time to bring inflation down. I don't think the economies and sectors are that durable.
The hard sales we see in the markets do not seem like a price correction. I think we are entering a long-term bear market. Unfortunately, this may take 2-3 years. It seems difficult to expect a new peak during this time.
If we look at the bottom of this situation; FED's sharp increase in interest rates caused sharp increases in the dollar. DXY is at the peak of the last 10 years.
People are starting to wait in cash because interest rates are rising and things are not going well in the market.
Technical analysis
Monthly: The price fell sharply in the first week of this month. 1785 was an important resistance, with the breaking of this resistance, the first target of the price is the 1720 level.
I think the price will drop to 1680 levels.
After the last uptrend ended at $2070 and the hard sell-offs came down, the possibility of a new top below seems difficult. To say more, we will examine the situation of the price at the next support points.
Unfortunately, the market is not going well. The high course of global inflation threatens the economies. Rising interest rates cause liquidity and recession risk.
Inflation seems to be permanent for a long time. Even if central banks increase interest rates, they may need to continue with high interest rate policies for a long time to bring inflation down. I don't think the economies and sectors are that durable.
The hard sales we see in the markets do not seem like a price correction. I think we are entering a long-term bear market. Unfortunately, this may take 2-3 years. It seems difficult to expect a new peak during this time.
If we look at the bottom of this situation; FED's sharp increase in interest rates caused sharp increases in the dollar. DXY is at the peak of the last 10 years.
People are starting to wait in cash because interest rates are rising and things are not going well in the market.
Technical analysis
Monthly: The price fell sharply in the first week of this month. 1785 was an important resistance, with the breaking of this resistance, the first target of the price is the 1720 level.
I think the price will drop to 1680 levels.
After the last uptrend ended at $2070 and the hard sell-offs came down, the possibility of a new top below seems difficult. To say more, we will examine the situation of the price at the next support points.