BTC/USD – H4
The pair has entered its second straight negative week and has not posted a profitable months since October of the last year. Although it has shown some traits of a safe-haven from time to time, it has definitely not been able to act as such, during the Ukraine crisis.
The cryptocurrency had managed to rebound after January's 2022 lows (32,939), but this effort was stopped by the 38.2% Fibonacci of the drop from its record highs (October 2021) to the aforementioned lows. This makes it vulnerable to 32,939, but it is probably early for a larger drop towards 27,892.
Despite its poor recent streak, BTC/USD is trying to find support today and the Relative Strength Index (RSI) reveals oversold conditions. As such, it may be able push back and reclaim 40,000, but it does not inspire confidence at this stage, for challenging key 42,200-43,200. A break above this region, which contains the EMA200 and the descending trend-line from November's all- time highs, would ease downward pressure.
Senior Market Specialist
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.
With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.