Forecasts of financial markets are the private opinion of their authors. The current analysis is not a guide to trading. ForkLog is not responsible for the results of work that may arise when using trading recommendations from the reviews provided.
Timur Gribennikov, an analyst Top Traders and a practicing trader, talks about the current situation on the market. Top Traders are the winners in the nomination of the main influencer in Central and Eastern Europe according to Binance.
After the first cryptocurrency fell for three months, the market saw the first signs of a rebound. If Bitcoin closes the week above $23,000, the price will return above MA200 — a strong bullish signal.
The 3D timeframe is notable for the trend line on the RSI of January 7, 2021. It is important to closely monitor the reaction of the price to the trend one – a breakout will be an additional bullish signal.
The daily time frame also indicates a likely rebound. The first targets are the range of $28,600–$30,000. In case of consolidation, the next level will be a retest of the lower boundary of the active trading area — $31,300.
The main fear of the market remains high inflation, but the markets reacted positively to the expected forecasts. The latest Fed rate hike of 75 basis points is well received by the industry.
If the market does not start to move worse than expected, we can expect a positive reaction of digital gold quotes.
Recall that the second quarter of 2022 was for bitcoin the worst in 11 years.
On the night of July 29, quotes of the first cryptocurrency crossed the level of $24,000. The capitalization of the digital asset market grew to $1.1 trillion.
Guggenheim Partners Chief Investment Officer Scott Minerd warned of a possible decline in bitcoin quotes, as the industry has not yet “cleansed itself” of problem participants.
Read ForkLog bitcoin news in our Telegram – cryptocurrency news, rates and analytics.