BTCUSD TECHNICAL AND FUNDAMENTAL ANALYSIS

3 mag 2022

Bitcoin has formed a bearish triangle on the daily time frame and currently on the 37700 support region indicating a downwards pressure as our stochastics oscilator is below the 80 mark region and pointing downwards, our MACD is also pointing downwards. This is as a result of traders pricing in a 50 basic point rate hike by the federal Government in order to tackle 40 years high inflation as BTC and the S&P500 tends to have a positive correlation indicating movement in same direction, a break out of this falling triangle would set a new pace. for now our bias in sell bias