BitCoin Insight

12 ต.ค. 2022

Hey, traders. Glad to see you guys again.
Let's check the Bitcoin chart quickly.

We can see
1. the price is breaking the descending channel.
2. box pattern is in the process of being made.
3. support on 18000 and resistance on 22000 and 26000.

We should check
Wednesday - PPI (MoM) (Sep), ECB President Lagarde Speaks
Thursday - EIA Short-Term Energy Outlook, FOMC Meeting Minutes, Core CPI (MoM) (Sep), CPI (YoY) (Sep), CPI (MoM) (Sep), Initial Jobless Claims
Friday - Core Retail Sales (MoM) (Sep), Retail Sales (MoM) (Sep)

We can expect
1. the price keep dropping to 14000.00 and follow the desecnding channel.
2. rebounding from 18000.00 to 22000.00. by breaking the descending channel.

Because of colliding pressures from the war in Ukraine, high energy and food prices, inflation and sharply higher interest rates,
IMF cut its global growth forecast for 2023 to 2.7%, compared to 2.9% last forecast.
Also, we could know that Fed will keep their monetary policy strictly from the Nonfarm Payrolls.

By those reasons, bitcoin price is keep falling but trying to defend 18000.00 by breaking the descending channel.
If the price breaks the descending channel, we can expect the box pattern and have a chance for long position.
but (we have to remember) if the support on 18000.00 is broken, the price will drops to 14000.00.
Let's see what happens on this week.

Thank you for reading and hope this insight was helpful.

Analyzed by Han.