It looks like the BTCUSDT price may start a correction today. For many, it was a shock that risky assets, such as cryptocurrencies, were growing very actively amid the "banking crisis." Over the past week, the BTCUSD price gained +30%, and over the previous two weeks, +45%. Such rapid growth was last seen in 2020, when the financial markets were well pumped up with money that was poured in for Covid-19 support.
And now, pay attention: there are rumors that the Fed has printed fresh $2 trillion, which will be injected into the financial system to stabilize situations and processes. Of course, the money will flow into various sectors of the economy. The last time such "help" was in the "covid 2020", look at the charts, how everything grew then)
If we assume that the Inverted Head and Shoulders pattern has completed its formation on the BTC chart, then the final beautiful picture lacks a "finishing touch." Retest the "base-neck" of the Head and Shoulders pattern
The first buy zone is $24660-25010, if buyers do not allow the price to fall below, we will see a strong continuation of growth
The second buying zone is $22580-23600. It is worth leaving capital for purchases in this zone as well. If the price drops here, the growth structure will not be disturbed and will be relevant, and a better average price will be a nice bonus.
The final growth target, according to this Inverted Head and Shoulders pattern, is in the region of $40,000 per Bitcoin
Tomorrow, 22.03.2023 is a very important day, as many financial market participants are waiting for the announcement of the new Fed Funds rate. As of the time of writing this idea, votes are 65% "yes" a +0.25% hike / 35% for the rate to remain unchanged at 4.75%. Over the past 1.5 months, the mood of the participants has changed so much and many times that it would be accurate to say that 99% expect some kind of "surprise" tomorrow.
So, keep your finger on the pulse, put stops on your trading positions, subscribe to us, and write a comment. And we, in turn, will update our ideas and share our thoughts as quickly as possible.
Together we are strong!
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Yorum
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On the global chart, according to the fractal, the BTC price has reached a critical level
Yorum
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The chart of the crypto market's total capitalization suggests that a prolonged consolidation may begin soon. Consolidation is the flow/reallocation of capital between assets, during which single powerful coin "shots up" are possible, for example, as XRPUSDT "shot" yesterday
Yorum
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FOMC expectedly raised the rate by 25 bps to 5.00% After, we will publish the main thesis of the speech of Fed J. Powell and his answers to journalists' questions ======== The Gap on the BTC CME chart is completely filled. Now can start hunting for the Gap from below, below $27000, and below $20300
Yorum
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The main points of Fed Chairman J. Powell's speech are unchanged:
βͺοΈ FOMC is committed to getting inflation back to 2.00% to ensure price stability (current CPI of 6.00%); βͺοΈ Inflation in commodity prices is declining, but progress in services is still insufficient; βͺοΈ U.S. banking system remains strong and resilient; FED sees everything, has a hand on the pulse and controls the process) βͺοΈ Another +0.25% rate hike possible at next FOMC meeting 03.05.2023, but it will all depend on incoming macro data; βͺοΈ A Fed rate cut this year is not a base case scenario;
Letβs not forget the wide open CME gap at 20k. If the Fed raises by 50bps you can bet it will fill and maybe even with 25bps.
P_S_trade
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@FreshCrypto, thank you for your comment. It is possible. For long-term long purchases, we had placed orders in the range of $18,000-19,800 before the previous fall. After the long-squeeze in March 2020, we always keep some orders low "just in case")