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  • Writer's pictureCryptofool

Technically speaking: BTC

Last week the Fed signaled that the main goal is to fight inflation. Meaning , that the Fed will raise interest rates until inflation gets under control. This is an extremely bearish signal for the markets. From the fundamental perspective, I would not expect any reversals on the crypto market for sometime or until we see inflation numbers start to drop.

As of technical analysis , the Bitcoin weekly trend is down and it will take time to reverse it. Where is the bottom?

Right now , the price of Bitcoin is between the 25K and 17K channels. If it breaks, above 25K we will see a rally towards 35K. However, if we have a major sell of and price closes below 17K, there is nothing to stop it all the way till 10 -13K.

Buy BTC?

Please note, we’re not offering any financial advice. It’s worth researching the topics of cryptocurrency, trading, and investing on your own or reaching out to professional advisors.

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