At the end of June, bitcoin (BTC) is recovering and holding the $ 20,000 area again. Bitcoin tidy between the $ 21,600 denied in recent weeks, and the lower limit of $ 20,000. However, all markets and investors are cautious, especially given the macroeconomy that has not been seen for many years, but also vigilance in the face of attractive prices for certain stocks. What can we learn from this market, invest or move toward safer assets? Without further ado, we’re off to a 360 ° bitcoin point this week. I will try to be as complete as possible while sharing my feelings about the market. Good read!
SP500 and -20%
Like all analysis beginnings, I am interested in the SP500. The latter is the general driving force for the various markets and gives an overall idea of the psychology of investors.
With an index at $ 3,800, I am still short of these prices, simply because we are still below the resistance at $ 4,200. Such a zone in favor of sellers to almost $ 3,200-3,400.
However, we can see positive aspects in favor of buyers like last week’s bullish coverage or the support of the 70% Fibonacci.
I imagine very well a tidy several months, preferring summer vacations and perhaps less volatility to come.
Bitcoin without momentum
In a relatively medium / long term graph, we can clearly see the loss of bitcoin momentum. With a fall of more than 70%, the king’s digital asset is finally reaching its 200 – period moving average. The latter has repeatedly played a supporting role and may be of interest to buyers who need a reference. This level is also in line with the post-high level in 2017, indicating further support.
It remains to be seen, however, whether there will be enough buyers to reverse the trend. If not, the loss of this level would certainly mean a deeper dive into the next $ 11,000 support.
I have also selected a tweet from Trader XM1 that emphasizes the notion of manipulation and pattern, so a recurring figure on various details in the past.
This allows me to let you know that these are interesting to highlight, but not an indication of what will happen in the future. In fact, many things have changed, such as the macro that is different or the democratization of the ecosystem.
Recession or not?
The emerging issue is more than the potential recession to come. Predicted by many analysts, however, it is still difficult to define. The future is not clear, especially given the uncertain environment.
Investors are listening to the Fed. The latter did not put the goal of price stability ahead of full employment, said Mary C. Daly, president of the San Francisco Fed, during an online event on LinkedIn. ” Price stability is a fundamental factor in gaining full employment “, she said.
Recall that the chairman of the Fed, Jerome Powell, confirmed last week during Congress that the priority is to stabilize and bring down inflation at whatever cost.
As the Fed raises its prime rate to dampen demand and lower inflation, it expects U.S. economic growth to slow, but does not see it fall into recession.
” It would not surprise me if the growth was below 2%, but I do not expect it to end negatively said Miss Daly. Slowing growth will also lead to a slight increase in the unemployment rate.
” A slightly higher unemployment rate does not mean we are in an economic downturn “, She clarified. Rather, it is a relaxation from the level that was unsustainable, she said.
Finally, I get numerous questions that are asked of me on the site where I analyze my values. Personally, and for many years, I use TradingView, an intuitive interface with many tools and a wide selection of assets. It is clearly the most developed and most used interface on the market.
This is the end of this analysis, please do not hesitate to give me feedback on my Twitter account @ 0xakin. Don’t be too fat, take profits regularly, be successful money management for your trades and depending on your initial plan. Only invest what you can lose as long as it does not affect your morale too much. Have a good week everyone, and see you next week for a new analysis!
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I am passionate about technical analysis and technology, I have been diligently pursuing cryptocurrencies since 2017. Rather than trading and investing, I am trying to democratize, in my own way, the ecosystem that will undoubtedly change our habits tomorrow!