BTC Weekly Chart - Broke down through trend and support
BTC trading has broken to the downside through support at 21.5K. It also broke to the downside on a falling wedge pattern which is typically bullish. BTC needs to close this week's candle above 19.5K to keep its January trend going (Weekly candle closes on Sunday at 23:59:59 UTC). If it closes below then the chart would suggest that the bears are gaining confidence. Reference the bullish Falling Wedge Pattern chart I posted on March 7th
What were the macro stories this week that drove the BTC bullish patten and support to breakdown? Silvergate liquidation, FUD coming from the Fed's congressional testimony, fear of recession, and the Fed raising rates to fight inflation. None of these are new macro stories. The latest reports are coming in close to the market's predictions and unemployment remains low. So, it's likely that BTC will not revisit the January lows of 16K and breakdown below that unless a new negatve macro story emerges in the next couple of weeks
Let me know if you agree on this or have a different view on the overall BTC sentiment.
What were the macro stories this week that drove the BTC bullish patten and support to breakdown? Silvergate liquidation, FUD coming from the Fed's congressional testimony, fear of recession, and the Fed raising rates to fight inflation. None of these are new macro stories. The latest reports are coming in close to the market's predictions and unemployment remains low. So, it's likely that BTC will not revisit the January lows of 16K and breakdown below that unless a new negatve macro story emerges in the next couple of weeks
Let me know if you agree on this or have a different view on the overall BTC sentiment.
