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Bitcoin is trading in its neutral area between its blue bands. It’s flirting with the bearish channel between the lower blue and red bands. The Bollingers are squeezing (green rectangle), suggesting a low volatility period. Bollinger theory suggests that this cannot be maintained for long and that volatility will expand following squeeze periods. A potential catalyst may be the CPI data due for release on Tuesday
The US Fed hiked by 25 bps and pointed to more tightening, but weak pushback against markets expectations for a pivot hurt the greenback and helped BTC/USD to higher highs
The top chart shows bitcoin’s weekly chart, the bottom chart is the US10-year real rate. Bitcoin is showing strength as real rates moderate.
BTC/USD consolidates today, but runs a solid week, showing resilience to news that Coinbase is laying-off around 20% of its workforce
The US Fed moderated its tightening pace last week, but sees rates peaking higher than previously expected, with the hawkish stance knocking BTC/USD down
BTC/USD rose to the highest levels in a month and past key resistance, following the moderation is US inflation, as markets now brace for the Fed’s policy decision
The bitcoin H4 chart shows a value-type pattern. It charted a sideways distribution from the last week of October into the first week of November (blue-shaded area). After which bitcoin dropped from the 20K range to the 16K range, a decline of around 20%.
Over the last two weeks, Bitcoin has been in a consolidation pattern - a small ascending triangle. This pattern generally suggests continuation, i.e., a base case of a breakdown as the cryptocurrency comes under further pressure.
BTC/USD finds support today, despite the collapse of another crypto lender and hawkish remarks by Fed officials
Crypto fears persist after FTX filed for bankruptcy, but BTC/USD covers initial losses, help by supportive comments from Elon Musk
Cryptocurrencies take a hit this week as crypto exchange FTX faced liquidity issues and rival Binance agreed to acquire its non-US operations
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