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BTCUSD: High-frequency Data Order Flow Shows that There Is Still Room for a Pullback Before Bulls Move Further Higher
Summary:
Inflation in the U.S. remains high, which could worsen the economic situation. Bitcoin topped US$30,000 for the first time since last June before the key March inflation figures were released. The Ether is close to US$2,000.
CLOSED
29500.0
Entry Price
37150.0
TP
21000.0
SL
96164.9 -855.3 -0.88%
2155.8
Pips
Loss
21000.0
SL
27344.2
Exit Price
29500.0
Entry Price
37150.0
TP
Fundamentals
Bitcoin, which has the largest market value, rose 7% to US$30,193 for the first time since last June, according to Coin Metrics. The Ether has risen more than 3.5% to US$1,925 since last August as investors await the release of the inflation report and a new technological upgrade of the Ethernet network is scheduled for Wednesday.
Traders may speculate that Wednesday's consumer price index could reach a level that would give the Fed reason to consider suspending interest rate hikes at its next meeting, boosting assets such as bitcoin.
In the past few months, the consumer price index has been a worrying issue. Although the market expects inflation to fall to 5.2% in March, it is still above the Fed's target rate. With inflation still high, spending power could be significantly affected.
One interesting development is that the promoters of fiat money have transferred their trust to digital currency. On the face of it, banks have indirectly stockpiled bitcoins over the past few months as markets continue to believe the U.S. economy is doomed to failure.
The latest report shows that Bank of America and Fidelity Investments purchased more than US$85 million worth of shares in MicroStrategy MSTR in the first quarter of this year. Michael Saylor, a technology firm, has always been an avid accumulator of Bitcoin; Over the past two years, bitcoin worth more than US$4.1bn has been acquired.
Although many banks have been critical of encrypted money, Bank of America says Bitcoin acts like gold as a haven. Because of its fixed supply, Bank of America calls it an inflation hedge, arguing that it is a safer investment in an uncertain macro environment.
Moreover, the case in favor of Bitcoin has led to the growing dominance of digital assets in the crypto market. While Bitcoin's dominance is expected to decline, it has recovered in the past few days and currently holds a market share of 47.78%. This may even kill the chances of copycat coins that are favorable to Bitcoin.
Therefore, if the above conditions are met, banks' inflation hedging may be beneficial to them, which may increase investors' confidence in the encrypted market.
Technical Analysis
Bitcoin hit US$30,000 on April 11 after three weeks of tight consolidation.This is the second psychological level in its further upward trend. About three months ago, the US$20,000 level was cleared. This latest upward trend in Bitcoin has led to the liquidation of bears totaling US$50m and the unwinding of bulls totaling US$3.31m in the past four hours.
If this bullish momentum continues, the bulls' next target level is US$32,687. Exceeding this level will test two key resistances of US$35,063 and US$38,500. These resistance levels are the key to the price of Bitcoin restarting bulls.
However, if the price of Bitcoin falls below the key support level of US$24,736, the bullish trend will lapse. In this case, the price could fall from US$22,291 to a bottom of US$19,592.
Overall, Bitcoin is showing a bullish momentum and may continue to move towards its second resistance level after testing the first resistance. It is important to pay close attention to the support level to prevent a pullback. It is recommended to buy at the lows.
Trading Recommendations
Trading direction: Long
Entry price: 29500
Target price: 37150
Stop loss: 21000
Deadline: 2023-04-25 23:55:00
Support: 26690, 25250, 21375
Resistance: 29187, 32380, 37150
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You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
The NZD-USD has broken the rising support line and confirmed the breakout with a 4H candle closing way below the broken support, making it bearish biased. After the pullback and retest, a bearish movement towards the 0.6173 area can be expected.
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