After weeks of suffering, the Bitcoin remains one of the most neutral assets since last week. The operators are decidedly in the background and are waiting for key figures to position themselves.
Bitcoin – Weekly chart: Little change
The prices do not show any particular change in the medium term. The weekly candle closes below the Fibonacci ratio and remains relatively flat.
The fact that operators are in the dark about the evolution of the rise in key rates, rising inflation and fears of recession explain this situation. Specific answers, with a fixed date for the stabilization of this rate hike, will be needed to reassure the market. Which is not yet the case.
From a technical point of view, if this inflation continues, then it could put the market under pressure and send Bitcoin back to much lower levels. A target given by the Fibonacci extension is given at $15,900the Golden ratio !
The medium-term support, at $18,800still remains solid and still has not yielded despite numerous attempts to break out on the downside. To hope for a rebound, it will be necessary to break the Weekly Tenkan located at $21,600. This will give a good rebound signal, to seek secondly the $25,000next Fibonacci ratio.
Bitcoin – Daily chart: Back to square one
After another breakout attempt, prices finally came up against the daily kijunwhich blocked the passage to the nearest dollar.
Indeed, the past week has shown strength during the first days. Before finally crashing at the end. And now this week, Bitcoin is back on the medium-term support of $18,800. Attention, this one is, as written above, relatively symbolic. If it breaks, we can expect a return to the lows of last June, at $17,520.
To invalidate this range and attempt a rebound, the resistance remains the same, namely $20,500. This daily Kijun is a real signal that will integrate the daily cloud and test its short-term trendline. By extension, if it is broken, a bullish signal fort would be sent !
This rebound will only happen with strong macroeconomic support. With, for example, an inflation figure in the United States that would be lower than expected. And with the confidence of operators, which to date is lacking…
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