31.05.2023 04:08 AM
Is Bitcoin preparing to revive its uptrend?

This image is no longer relevant

The daily chart shows that Bitcoin intends to revive its uptrend. However, it is still too early to draw such a definitive conclusion. The cryptocurrency is still below the critical line and inside the Ichimoku cloud, but its recent growth could indicate a transition to a bullish phase. Currently, it is better to assess Bitcoin's prospects on the 4-hour chart, where a descending channel remains intact. On the daily chart, there's an equal probability of moving in either direction. We believe that a downward correction could still resume.

In most cases, you should pay attention to the fundamental background. However, there have been very few important news events recently. Essentially, the most significant data currently revolves around the Federal Reserve's interest rates and the issue of the US debt ceiling. Everything is clear regarding the Fed's interest rates. If inflation does not start to rise sharply or stop decreasing, the central bank simply has no reason to continue rate hikes. It doesn't make sense. Currently, the market expects at most one more monetary tightening. And it is unlikely that Bitcoin has started to rise again based on this factor.

However, resolving the issue of the US government debt (which is not fully resolved yet) could potentially trigger a new rise for Bitcoin. It is quite difficult to explain how Bitcoin is connected to government debt, but the fact that the cryptocurrency started to rise around the same time that US President Joe Biden announced a breakthrough agreement with Republicans indicates a correlation. If this is indeed the case, then this news has already been priced in. There is a 99% probability that there will be no default in the US. We just have to wait for the vote in Congress.

This image is no longer relevant

We still don't see compelling reasons for Bitcoin to appreciate right now. The overall fundamental background remains favorable for it, but the market has already factored in all possible bullish factors. It is worth noting that the Fed has not even begun to hint at possible monetary policy easing, and the rate cuts are scheduled for next year. We don't expect Bitcoin to show significant growth anytime soon, but it is important to closely monitor the descending channel on the 4-hour chart.

On the 24-hour chart, Bitcoin has made several attempts to surpass the $29,750 level but has been unsuccessful. As a result, the cryptocurrency has started a downward correction. In the near future, we expect Bitcoin to fall towards the $25,211 level, which is not far away. The succeeding movement will depend on whether it manages to breach this level or not. You can consider buying when a corresponding signal forms, such as a bounce from $25,211 or a trend line. The 4-hour chart and the channel also hold significant importance.

Paolo Greco,
انسٹافاریکس کا تجزیاتی ماہر
© 2007-2024
انسٹافاریکس کے ساتھ کرپٹو کرنسی کی معاملاتی تبدیلیوں سے کمائیں۔
میٹا ٹریڈر 4 ڈاؤن لوڈ کریں اور اپنی پہلی ٹریڈ کھولیں۔
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
    مقابلہ میں شامل ہوں
  • چانسی ڈیپازٹ
    اپنے اکاؤنٹ میں 3000 ڈالر جمع کروائیں اور حاصل کریں$4000 مزید!
    ہم جولائی قرعہ اندازی کرتے ہیں $4000چانسی ڈیپازٹ نامی مقابلہ کے تحت
    اپنے اکاؤنٹ میں 3000 ڈالر جمع کروانے پر موقع حاصل کریں - اس شرط پر پورا اُترتے ہوئے اس مقابلہ میں شرکت کریں
    مقابلہ میں شامل ہوں
  • ٹریڈ وائز، ون ڈیوائس
    کم از کم 500 ڈالر کے ساتھ اپنے اکاؤنٹ کو ٹاپ اپ کریں، مقابلے کے لیے سائن اپ کریں، اور موبائل ڈیوائسز جیتنے کا موقع حاصل کریں۔
    مقابلہ میں شامل ہوں
  • 100 فیصد بونس
    اپنے ڈپازٹ پر 100 فیصد بونس حاصل کرنے کا آپ کا منفرد موقع
    بونس حاصل کریں
  • 55 فیصد بونس
    اپنے ہر ڈپازٹ پر 55 فیصد بونس کے لیے درخواست دیں
    بونس حاصل کریں
  • 30 فیصد بونس
    ہر بار جب آپ اپنا اکاؤنٹ ٹاپ اپ کریں تو 30 فیصد بونس حاصل کریں
    بونس حاصل کریں

تجویز کردہ مضامین

ابھی فوری بات نہیں کرسکتے ؟
اپنا سوال پوچھیں بذریعہ چیٹ.
Widget callback