The narrow range, upcoming rate hike, and market foes
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The current week will bring exciting events to the cryptocurrency market, with the FOMC decision coming out on Wednesday. Currently, the FED is expected to hike rates by 50 basis points, which drives the narrative of a mini-pivot. However, we disagree with this assessment as we argue that higher rates will still put more burden on the economy, which is already slowing down significantly. As a result of the rate hike, we expect a return of the risk of aversion, affecting the price of Bitcoin and dragging it lower over time.
Furthermore, the cryptocurrency market still has not gone through the fallout of FTX, leaving many questions about market stability open. In our opinion, the market will likely see more bankruptcies among cryptocurrency institutions in the coming months, threatening the current calls for the market bottom. Therefore, we remain skeptical about these statements and stick to our bearish view. In line with that, we maintain price targets at 15 000$ and 13 000$.
Illustration 1.01
Bitcoin constituted a narrow range between 16 800$ and 17 250$ in the past few days. A breakout to the upside will be bullish for the short term, while a breakout to the downside will bolster bearish odds.
Technical analysis
Daily time frame = Neutral
Weekly time frame = Bearish
Illustration 1.02
Two simple moving averages, 20-day and 50-day, stay in the bearish constellation. At the moment, the 20-day SMA acts as the immediate support level; a breakout below the support will be bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Furthermore, the cryptocurrency market still has not gone through the fallout of FTX, leaving many questions about market stability open. In our opinion, the market will likely see more bankruptcies among cryptocurrency institutions in the coming months, threatening the current calls for the market bottom. Therefore, we remain skeptical about these statements and stick to our bearish view. In line with that, we maintain price targets at 15 000$ and 13 000$.
Illustration 1.01
Bitcoin constituted a narrow range between 16 800$ and 17 250$ in the past few days. A breakout to the upside will be bullish for the short term, while a breakout to the downside will bolster bearish odds.
Technical analysis
Daily time frame = Neutral
Weekly time frame = Bearish
Illustration 1.02
Two simple moving averages, 20-day and 50-day, stay in the bearish constellation. At the moment, the 20-day SMA acts as the immediate support level; a breakout below the support will be bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
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Volume sees a decline at higher prices, hinting at the first signs of exhaustion after computerized buying due to the positive CPI print. 
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