Bitcoin | Don't panic from the fall of Bitcoin
Bitcoin | Near The First Reversal Area
Many are speculating with the data that we can see bitcoin below 30K and maybe at 20K.
Some others are sharing information that they will sell a large amount of BITCOIN and this will affect the market.
Do you really believe that a large customer can influence the BITCOIN market nowadays?
Bitcoin is truly the icon of cryptocurrencies.
As long as more than 40% of all volume in cryptocurrencies is positioned in Bitcoin , how can a single investor
affect the entire market?
Bitcoin is not like all other altcoins where Whales can create that type of instability.
I would also like to add more fundamental analysis:
1. The problem of the war between Russia and Ukraine is no longer creating any market pressure
as the market has already absorbed it.
2. The inflation problem with the US should keep Bitcoin higher and now lower. Why?
The US government is making it impossible to keep inflation under control.
This is the main reason why the Fed is raising interest rates.
On the other hand, the USD rose sharply in value as a safe-haven currency. This was related to the war.
So the USD has nowhere to go anymore and increase its value.
I do not believe that many traders or countries want to have more deposits in USD as it is already facing Inflation
problems.
Thus they will position their money in a safer financial asset.
On the other hand, the Russian government wants to begin to sell OIL with Bitcoin .
They can implement it very soon and this will increase a lot of liquidity in Bitcoin .
It means that BTCUSD has to rise again.
Technical Analysis:
In the daily chart , Bitcoin is showing a very nice pattern that it is
almost completed.
The price is creating a potential “Ascending Channel” Pattern.
The flag that many traders are watching a lot as a bearish flag , can even be turned into an “Ascending Channel”.
Also if the price can break down of the flag 30K is the next and strongest support area that the price will face.
The strongest reasons for a weak Bitcoin finished with the war…the rest has to be seen now.
Price reversal area 37K – 38.5K
Thank you!
