Bitcoin in danger below $19,000 – Le Point Macro Hebdo
Is the Cryptocurrency Crisis Ongoing?– Binance had to reassure investors after a $2 billion transaction. This would be part of the proof of stock audit, but it shows that investors are currently in doubt. All this against the backdrop of a complicated market, with bitcoin recently falling to $15,500. Can risky assets recover with a weakening dollar? Does gold gain from the depreciation of the dollar? This is Le Point Macro Hebdo!
Bitcoin is under threat below $19,000
After falling under bracket is $19,000Bitcoin (BTC) touched $15,500. BTC has been losing since then variability and buyers are not visible.
On a daily basis, Bitcoin is trending bear. It is currently locked at the price level institutional bias (EMA 9/EMA18) down. In the case of a rebound, the price may move towards the zone resistance is at $19,000. This was a support for several months, but the FTX case caused BTC to fall below this important zone. It will be necessary to restore for buyers $19,000 so that support to find the color in this asset. He also first stop (0.382 Fibonacci retracement), price is often rejected at this level in a downtrend. Conversely, if the trend declines and sellers run out, the level may give way.
You need to keep the last minimums and change the dynamics. If the decline does not end, the price may fall back to the previous level bracket is $11,500. That would mean a fall 30% compared to the current price. If this scenario plays out, altcoins will also fall.
Momentum tries to recover its color by placing bottoms and rising tops. This is indeed the case since the fence above 38 RSI. We must continue to demonstrate this dynamic in the coming days and weeks.
The recent collapse did not help minors Bitcoin can be thought of as a surrender prepares:
Bitcoin miners face a complicated situation, they have to sale part of their shares bitcoin. begins to caress surrenderbut this situation is not necessarily over.
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Could the dollar and gold rise again?
The dollar is in a support zone
The dollar seems to be pulling gently top, may rise again in the coming days. A leap it will be short lived for loversrisky assets :
Within the financial markets, capital flow. It is for this reason that lovers of risky assets wait for a market peak in safe havens such as the dollar. The dynamics change has happened but still needs to be confirmed. In the short term, there may be dollars leap level Resistance at 109 points. This asset will be forced to prevent a new rally of this asset resistance here. EMAs now bearas they could perform dynamic resistance in the coming days. A return to the support level 102.5 points will be the second important step to confirm the top of the dollar index. Once active speaker bearoperators can turn to riskier assets that will be more attractive.
is an impulse bearwatch carefully for any signs differences or shortness of breath.
Is gold bullish in the short term?
Gold has recently closed higher, rising marginally 1730 dollarsmay continue to rise in the coming weeks:
Gold can benefit dollar weakness to restore capital. It seems to be defended at the course level bracket is $1,730that fits too neck line weekly “W”. To confirm the dynamic, you need to cross the last peak located at this address 1785 dollars. If this scenario occurs, the price may move towards the upper end of the range 1970 dollars.
Urgency continues to rise, nothing to report on this side at the moment.
becomes dollars bear when gold returns to speed rising. Capital circulates and it appears thatgold takes advantage of a weak dollar. At the moment, Bitcoin and risk assets in general are not attractive, we will have to wait for capital to return to the level of risk assets. This may take time.
US market in fake rebound?
The US market is rising again, but the weekly momentum remains bear for the moment. Is this another false rebound or is the market finally down?
Could the S&P 500 fall to structure a bear market?
The S&P 500 is currently sitting above 3900 dollars. The asset has bounced back at the “bottom of the V”, the structure remains fragile :
The S&P 500 could be in the coming days or weeks to dismiss level resistance
$4150. It also fits the location lower trend line Started at the end of 2021. A rejection is likely to cause the market to set lower. 3500 dollars. For this, it will be necessary to maintain the minimums with a symbol and change the dynamics on a weekly basis double bottom. On the other hand, for the recovery of the region $4150 so that support he could avoid another fall. Be careful, this is a level that will be protected by sellers.
The impulse reaches level a resistance zoneand this may fit the scenario mentioned above. Likewise, if it crosses the RSI zone 58 resistance to RSI would be an interesting signal for these buyers.
The NASDAQ is still below $12,000
Good on NASDAQ bounced back level bracket is $11,000but buyers are unable to take possession of the land $12,000 :
The NASDAQ recently reversed momentum by closing higher 11,700 dollars. However, the price is still moving lower resistors as important as one $12,000. This resistance is also consistent with its existence lower trend line, to find color in this asset you need to exceed it. In the case of a fall, the price may return to the previous level bracket is $11,000.
It reaches the level of impulse lower trend line. This has been rejecting the price since September 2021, which needs to be broken to regain momentum rising.
Capital appears to be flowing. The dollar has been attracting capital for over a year now, but appears to have lost strength over the past few weeks. Gold looks set to benefit from the situation, we will have to see if the trend is confirmed. In turn, Bitcoin continues its bear market. We will need to recover the $19,000 zone to try to become an attractive low again. Players will have to be patient before they find interesting risky assets. The US market is rising again, but is still fragile, as is the S&P 500, which is currently only forming a “V bottom”.
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