BTCUSD - Is Bitcoin a haven from inflation?

2022년 2월 10일

Before the technical analysis, it is worth noting that the US inflation data was released today, which was worse than expected, which caused an immediate fall of BTC, as well as many other assets, so it is worth considering that we can expect more volatility in the near future.
Funding is neutral and the fear/greed index is also back to neutral values.

Analysis description
Timeframe 1H
After breaking through the uptrend channel, price collected liquidity in the yellow zone in the $41,000 to $42,200 price range. It then tested the $45,000 resistance level and corrected to the 0.618 Fibonacci level where it formed an uptrend and an uptrend triangle pattern. The price is currently trading in the red resistance zone.

Rally and enter the resistance zone on higher volumes.

The 50 and 100 MAs have been tested as support.

Timeframe 4H
Long lower shadows, rising price and rising volumes show the current strength of the buyers.

Stochastic RSI is out of the oversold zone.

Forecast
I consider LONG after a correction from current levels to $44.300. I expect a decrease in volatility, further trading along with liquidity gathering inside the ascending triangle from the trend line to the lower boundary of the red zone. I see the first target as $46,000 level, where there is a big wall to sell. The second and third targets could be $47,000 and $50,000.