Historic Volatility for Bitcoin, Tesla on Standstill: Le Point Macro-Hebdo

No party for cryptocurrencies?– During this festive period, the course of it will Bitcoin (BTC) don’t overdo it. BTC drops in volatility and maintains a bearish momentum. Despite everything, Bitcoin currently maintains its low of $15,500. For its part, the US market is proving fragile and unable to start rising again. Can risky assets surprise at the end of the year, or is the downward momentum not over? This is the weekly macro point!

>> 10% reduction on your trading fees? Join Binance (commercial link) <

Towards a change in the dynamics of Bitcoin on a daily basis?

On a daily basis, Bitcoin (BTC) is still involved bearish momentum. The sellers have their fingers on the price, but the situation can change quickly.

The price of Bitcoin against the dollar (1D)

In a week, volatility drops drastically. The price fluctuates between $16,500 and $17,000. Traders seem to be busy with the holiday season, but Bitcoin rarely stays at this level of volatility for long. That two levels to look at on a daily basis are the following levels:

  • $18,375 : this is the level that would allow the dynamics to change on a daily basis. ONE fence over of $18,375 would provide information that the buyers are regaining control of the range. Awareness ! ONE resistance significant is present at this level;
  • $15,500 : It is last lowest bitcoin. If the price closes below this level, the downtrend will continue. At the moment, the sellers have their fingers on the price and a new Bitcoin low cannot be ruled out.

We note that a bearish trend line has postponed the course since June. As long as the price does not change momentum on the other side of this trend line, it will remain crazy. Momentum is back on the upside, close 59 of RSI would be positive for the future.

Volatility marks an all-time low. Even in 2018, volatility had not gotten that low.

Lowest volatility since 2017 - December 27, 2022
Chart showing the volatility of Bitcoin (1W)

It is historicbut unfortunately not in a good way for cryptocurrencies. The period of bear market usually offers a drop in volatility and we are keeping an eye on it at the moment. Indeed, when the price has fallen and the players are disgusted with the market, traders lose interest and the price falls in volatility. Volatility evolves in the form of a cycle and it should return in the coming months to the delight of cryptocurrency enthusiasts.

Safe haven assets are stabilized

The dollar stagnates below the resistance of 105.5 points

After experiencing a local peak up close 115 dotsdoes not show the dollar index no bullish elements currently.

The dollar remains firmly below 105.5 points - December 27, 2022
Dollar Index Chart (3D)

Now institutional bias (EMA 9/EMA 18) is on par with resistance at 105.5 points. These EMAs could act as dynamic resistance and reject the court in the event of a rebound. The scenario that reveals a return to the level of 102.5 points support is still relevant. Momentum is still bearish. The lows and highs are falling on the RSI level.

Gold stalls at $1,825

Gold benefits from capital turnover. In fact, the dollar has been falling for several weeks and traders seem to be turning to gold.

Gold benefits from capital rotation - December 27, 2022
Price of gold against the dollar (3D)

To be sure, gold appears to benefit from the capital rotation at the end of the year, but the price has struggling to break above $1,825. The course develops at the level of first stop (0.382 Fibonacci retracement) with bullish momentum. The institutional bias is on the upside, it could serve as a dynamic support in the coming days.

If the price manages to break out of this first stop, it will next theoretical level of resistance will be in shorts reload zone (0.618-0.786 Fibonacci retracement) between $1,900 and $1,970. No matter what, the gold remains stuck up in a row between $1,690 and $1,970. It appears to be one long accumulation periodbut it will be necessary to break the resistance to regain attractiveness at the gold level.

The American market shows fragility

S&P 500 Back to $3,700 Soon?

The American market blocked again on par with bearish trend line and first stop at $4,000. As long as the price moves below this resistance, there will be crazy.

S&P 500 Is Fragile - December 27, 2022
The price of the S&P 500 against the dollar (3D)

That double resistance rejects the course, it now develops under resistance at $3,900. Recently, the institutional bias even rejected the course, a return to the level support at $3,700 must be considered. This is an important level that has often allowed price to bounce back. It could again be defended by buyers.

Buyers can no longer reverse the dynamic. In fact, each high is lower than the previous one and each low is lower than the previous one. To envisage an end to the bearish period in the US market, it will be necessary to show resilience by initiating a change in dynamics. It’s still too much feverish currently.

Furthermore, momentum remains firmly below the resistance at 58 of RSI. This resistance has been present since the beginning of January 2022 and it is holding until now.

Tesla’s share price plummets

Elon Musk is known to have a fondness for cryptocurrencies and Dogecoin in particular. The year 2022 will also be marked by Elon Musk’s takeover of Twitterit should resign as CEO. However, he remains the head of the company. Tesla loses 70% since the beginning of the year.

Tesla down 70% in one year - https://journalducoin.com/actualites/twitter-elon-musk-quitter-poste-ceo-reseau-social/
Price of Tesla in relation to the dollar (3D)

Is it possible that the famous boss of Tesla’s omnipresence on social networks tarnishes the image of the company? Looking at this graph, the operators don’t seem thrilled about the situation.

Tesla’s course is in downward trendand it fell along more than 20% In a week. Tesla stock is back at one support important located at $119. Buyers can respond. It will take time to regain bullish momentum on this asset as the price moves well below bearish trend line commenced in November 2021.

Momentum is also bearish. It will be necessary to wait to mark lows and rising highs to find colors on this asset. Perhaps leaving the job as CEO of Twitter will allow him to regain the trust of investors?

Bitcoin is experiencing a historical period in terms of volatility. In fact, it has never experienced such low volatility in its history. While waiting for volatility to rise again, Bitcoin is stuck between $18,375 and $15,500. Buyers have the opportunity to change momentum in the short term, but can they? For this it will be necessary to exceed 18,375 dollars daily. The American market shows fragility. The S&P 500 may find buyers for support at $3,700. For its part, Tesla stock is going through a difficult period, losing 70% in a year.

Want to support the crypto revolution? It’s up to you to get on the crypto train! To do this and start to familiarize yourself with this exciting world, do not wait for you create an account on Binance. You save 10% on your trading fees by following this link (trade link).

Leave a Comment