🔥 Bitcoin Fell Through Important Support: Uncertain Week Ahead

Stocks Seem To Feel Better, (BTC/USD) Bitcoin Price Being Healed | A small recovery | Oanda

🔥 Bitcoin Fell Through Important Support: Uncertain Week Ahead by FieryTrading on TradingView.com

Over a week ago I made an analysis on BTC and the correction it was facing.

🔥 Bitcoin Healthy Correction Successful: Slow Weekend Ahead


Back then, my main argument was that this was a healthy correction, given that the support zone would hold. Around a week later we can safely conclude that this correction is going deeper than initially anticipated. Main driving force behind this correction is the last week's strong sell-off of the NASDAQ, fueled by interest rate fears.

If you're unsure about why interest rates are of importance for BTC , please take look at my recent post where I explain why they are of such importance for investors.

🔥 Bitcoin & The Federal Funds Rate: An Easy Explanation


As of now, BTC is residing on the diagonal dotted support line. If this support will fall I think we're going to see further downside, $40k or even $37.5K are realistic targets. In case stocks will see a recovery next week, I think we can finally start a move towards $50k.

Happy trading!

Stocks Seem To Feel Better, (BTC/USD) Bitcoin Price Being Healed | A small recovery | Oanda

Fierytrading Analysis

Experienced crypto, stock and FX trader with a focus on technical and on-chain analysis. One of the top analysts on Tradingview with daily crypto signals and market overviews.

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