Hello Traders!

After a long distribution in the range of $31000 – $9600 Bitcoin begins the decline phase.

The development of the bearish scenario is confirmed by two strong triggers:

– Price movement under the MA100 on the weekly timeframe ;
– Fixation under $31000 level.

Additional external factors exerting a negative influence on the price are the gradual increase of the FOMC rate to 3-3.25% and the beginning of the quantitative tightening procedure of QT from June 2022.

Taking into account the market structure and presence of many negative factors the zone of interest of buyers may be in the lower price range of $19400 – $24000.

There is no need to be in a hurry to open purchases. It is possible to start to accumulate the asset after the price moves to $19400 – $22000.

Good luck and watch out for the market

P.S. This is an educational analysis that shall not be considered financial advice