BTC/USDT Analysis
In the long term, Bitcoin has been in a falling trend channel for several months, And it broke an important support level (~$19,500) this week and then oscillated from $19,879 ~ $18,125 as of writing. This signals increasing pessimism among investors and indicates a further decline for Bitcoin.
The market is more pessimistic as the Fed raised interest rates and the signs of its intention of raising continuously by at least 2023. Bitcoin’s chance of a new round of downturn is on the way.
Bitcoin is testing resistance at $19,400. The short-term support is located at $18,500 and $18,000. On the other hand, an upward breakthrough of $19,400 means a positive signal. It will likely test $22,000 on the next. The two EMAs should also be carefully watched to confirm the bull's momentum.
The market is more pessimistic as the Fed raised interest rates and the signs of its intention of raising continuously by at least 2023. Bitcoin’s chance of a new round of downturn is on the way.
Bitcoin is testing resistance at $19,400. The short-term support is located at $18,500 and $18,000. On the other hand, an upward breakthrough of $19,400 means a positive signal. It will likely test $22,000 on the next. The two EMAs should also be carefully watched to confirm the bull's momentum.
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