Last weeks high: $108,948.76
Last weeks low: $103,569.91
Midpoint: $98,191.05
Last weeks chart is a clear reflection of what happens when there is a constant stream of bad news... Geo-political escalations, America becoming more involved in the Middle-east and the FED refusing to cut interest rates.
It's well known markets do not like uncertainty, and throughout the week more and more questions have been asked with very few answers. Risk-on assets have taken a hit generally and BTC is no different, especially over the weekend. This price action should be taken with a pinch of salt as the volume is never as high as it is during the week and often it paints a false picture of how the market really feels. The market makers ultimately are just, over the weekend they often aren't involved and so I think we will know more accurately how much of this geo-political escalation is priced in by the end of the trading day. How the SPX reacts will be important too.
The FED once again refused to cut interest rates, it's clear president Trump is not happy with this. The market could have done with a cut but that will have to wait.
So for Bitcoin it's been a tough week and I can't see this getting better immediately. Bearish price targets for me would be $97,000, the short term trend is clearly biased short until some solid support comes in or something drastic happens in the political world for good. This week is about survival and caution while looking for opportunities to present themselves without knife catching.
Good luck this week everybody!
Last weeks low: $103,569.91
Midpoint: $98,191.05
Last weeks chart is a clear reflection of what happens when there is a constant stream of bad news... Geo-political escalations, America becoming more involved in the Middle-east and the FED refusing to cut interest rates.
It's well known markets do not like uncertainty, and throughout the week more and more questions have been asked with very few answers. Risk-on assets have taken a hit generally and BTC is no different, especially over the weekend. This price action should be taken with a pinch of salt as the volume is never as high as it is during the week and often it paints a false picture of how the market really feels. The market makers ultimately are just, over the weekend they often aren't involved and so I think we will know more accurately how much of this geo-political escalation is priced in by the end of the trading day. How the SPX reacts will be important too.
The FED once again refused to cut interest rates, it's clear president Trump is not happy with this. The market could have done with a cut but that will have to wait.
So for Bitcoin it's been a tough week and I can't see this getting better immediately. Bearish price targets for me would be $97,000, the short term trend is clearly biased short until some solid support comes in or something drastic happens in the political world for good. This week is about survival and caution while looking for opportunities to present themselves without knife catching.
Good luck this week everybody!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.