Early morning today (11/12/2023, IST), BTC plummeted to $40500 levels and quickly regained the strength. Will a further downtrend expected? Let us see.
Technical Analysis:
BTCUSD
hasn't fully recovered from the recent fall, currently hovering around $41,800. This is in line with a double top pattern, indicating a potential continuation of the downtrend. Prices remain within a supply zone, heightening the likelihood of Bitcoin (BTC) descending to $39,000 or potentially even lower.
Sentimental Analysis:
The Federal Open Market Committee meeting, scheduled for December 12-13, 2023, holds significant importance in the financial markets. Ahead of this meeting, Federal Reserve Chairman Jerome Powell expressed a cautious stance regarding interest rate adjustments, focusing on maintaining a restrictive policy until inflation consistently aligns with the 2% target. This approach introduces complexity into market expectations, contrasting with some analysts' speculation about a potential rate cut.
The upcoming report on inflation rates from the U.S. Bureau of Labor Statistics, due on December 12, is a key factor influencing the Fed's decisions. A decrease in inflation could lead to a rate cut, influencing market movements and Bitcoin's valuation.
Is this a chance to accumulate more? YES! It is.
Will BTC bounce back after the fall? YES, it will.
Will BTC go further down? I have no idea! But, I would be happy. You know why!
Technical Analysis:
BTCUSD
hasn't fully recovered from the recent fall, currently hovering around $41,800. This is in line with a double top pattern, indicating a potential continuation of the downtrend. Prices remain within a supply zone, heightening the likelihood of Bitcoin (BTC) descending to $39,000 or potentially even lower. Sentimental Analysis:
The Federal Open Market Committee meeting, scheduled for December 12-13, 2023, holds significant importance in the financial markets. Ahead of this meeting, Federal Reserve Chairman Jerome Powell expressed a cautious stance regarding interest rate adjustments, focusing on maintaining a restrictive policy until inflation consistently aligns with the 2% target. This approach introduces complexity into market expectations, contrasting with some analysts' speculation about a potential rate cut.
The upcoming report on inflation rates from the U.S. Bureau of Labor Statistics, due on December 12, is a key factor influencing the Fed's decisions. A decrease in inflation could lead to a rate cut, influencing market movements and Bitcoin's valuation.
Is this a chance to accumulate more? YES! It is.
Will BTC bounce back after the fall? YES, it will.
Will BTC go further down? I have no idea! But, I would be happy. You know why!
Comment:
BTC just hits $40,532, near the demand zone
Comment:
There is still chance for BTC to fall below $40K levels
Comment:
Now, a double top pattern is forming in 1 hour chart. This may be an indication of the break of the immediate demand zone to the next demand zone, which is at $39000-39750 levels
Comment:
BTC hits below $40.5K, soon to $39.5?
Trade closed: target reached:
Forgot to update here: BTC did a support retest to $38K levels