GENERAL MARKET AND ECONOMY OUTLOOK
We have been in a bear market since November 2021.
FED continues to hike rates and gets more hawkish with every speech.
USD index ( DXY ) is in an uptrend and S&P 500 closes yet another daily candle with loss.
Inflation is high in US and European countries are facing one of the biggest energy crisis this decade as EU and Russia continues to increase tensions.
As commodity prices and inflation rise, central banks continue increasing interest rates and adopt stricter monetary policies.
It is very hard to say a bull market is just around the corner as winter is soon and the general outlook is negative.
BITCOIN
Long to Medium Term
Bitcoin is correlated with US Stock Markets and inversely correlated with DXY. It is safe to say that we will continue the bear market until the macro economics start to improve and Central Banks pivot. Remember, the trend is a friend until it ends.
Short Term
20320$ is crucial resistance and Bitcoin failed to break that level today. Don't expect too much bullish momentum until we confirm a break above 20320$ and after that, 20730$. These two levels are crucial resistance.
If BTC breaks below 19750$ we might see increased bearish momentum and continue to lower levels and possibly create a lower low.
BTCUSDT
We have been in a bear market since November 2021.
FED continues to hike rates and gets more hawkish with every speech.
USD index ( DXY ) is in an uptrend and S&P 500 closes yet another daily candle with loss.
Inflation is high in US and European countries are facing one of the biggest energy crisis this decade as EU and Russia continues to increase tensions.
As commodity prices and inflation rise, central banks continue increasing interest rates and adopt stricter monetary policies.
It is very hard to say a bull market is just around the corner as winter is soon and the general outlook is negative.
BITCOIN
Long to Medium Term
Bitcoin is correlated with US Stock Markets and inversely correlated with DXY. It is safe to say that we will continue the bear market until the macro economics start to improve and Central Banks pivot. Remember, the trend is a friend until it ends.
Short Term
20320$ is crucial resistance and Bitcoin failed to break that level today. Don't expect too much bullish momentum until we confirm a break above 20320$ and after that, 20730$. These two levels are crucial resistance.
If BTC breaks below 19750$ we might see increased bearish momentum and continue to lower levels and possibly create a lower low.
BTCUSDT
