BTC technical analysis in context of macro links.
🟩 Fundamentally speaking...
Slowly, the markets had begun to react to the inflation figures. It keeps showing that inflation is going down, which is exactly what the Fed wants to see. I think buyers are happy with the idea of a "soft landing" for the economy right now.
On Friday, the personal consumption spending price index showed that inflation in the U.S. had slowed to 3.8% in May. This is the slowest increase since April 2021.
In May, the PCE price index went up by 0.1% from the previous month. Core prices, which don't include risky items like food and energy, went up by 0.3%. Economists were right about what they thought the government's PCE inflation report would say.
⬛️ However technicals are showing a different story..
Technically BTC is range bound.
As you can see in the chart, I've done Elliot wave analysis coupled with the range, BTC seems trapped in.
Elliot waves on a daily chart show that if BTC drops below 30k, 28,951, 28,152, and 27,374 are the next support levels.
So 30K is the crucial level to watch.
Below30K is bearish and above 30K is bullish.
On the other hand, BTC staying above 20EMA and range bound within a green/bullish channel, show it had paused for a breather and should continue its uptrend, given we don't get any bad news from the market/SEC.
At writing time, BTC isn't strong enough or shall I say, its indecisive on a daily chart so we shall see how far these fundamentals & technicals can play out.
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🙏
🟩 Fundamentally speaking...
Slowly, the markets had begun to react to the inflation figures. It keeps showing that inflation is going down, which is exactly what the Fed wants to see. I think buyers are happy with the idea of a "soft landing" for the economy right now.
On Friday, the personal consumption spending price index showed that inflation in the U.S. had slowed to 3.8% in May. This is the slowest increase since April 2021.
In May, the PCE price index went up by 0.1% from the previous month. Core prices, which don't include risky items like food and energy, went up by 0.3%. Economists were right about what they thought the government's PCE inflation report would say.
⬛️ However technicals are showing a different story..
Technically BTC is range bound.
As you can see in the chart, I've done Elliot wave analysis coupled with the range, BTC seems trapped in.
Elliot waves on a daily chart show that if BTC drops below 30k, 28,951, 28,152, and 27,374 are the next support levels.
So 30K is the crucial level to watch.
Below30K is bearish and above 30K is bullish.
On the other hand, BTC staying above 20EMA and range bound within a green/bullish channel, show it had paused for a breather and should continue its uptrend, given we don't get any bad news from the market/SEC.
At writing time, BTC isn't strong enough or shall I say, its indecisive on a daily chart so we shall see how far these fundamentals & technicals can play out.
Find this analysis helpful? Feel free to share with friends & leave your emojis
🙏
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.