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BTCUSDT: Bitcoin Rally Is Weak, with Risk of Breakdown

Summary:

The recent sentiment in the cryptocurrency market has been weak, and the rally has been weak. Then, Bitcoin is at risk of breaking down.

Sell BTC-USDT
End Time
CLOSED

20128.7

ENTRY PRICE

15000.0

TGT PRICE

23000.0

SL PRICE

22992.2 +57.8 +0.25%

10625

Points

Profit

15000.0

TGT PRICE

19066.2

CLOSING

20128.7

ENTRY PRICE

23000.0

SL PRICE

Fundamentals

Recently, as markets gradually digested expectations of an aggressive rate hike by the Federal Reserve (Fed), coupled with the increased risk of a global recession, the bets for further sharp rate hikes by the Fed were weakened. Then, the US dollar (USD) weakened generally, and risk assets such as US stocks rallied sharply. The rally in cryptocurrencies, however, was slightly unimpressive.
The Fed's dot plot for last month's interest rate resolution expected a terminal rate of 4.6% for the Fed's current round of rate hikes. This means that significant rate hikes will continue for the coming period. The pace of interest rate hikes by other central banks has not slowed down either; then, the cryptocurrencies remain under pressure.
Sentiment in the cryptocurrency market has been weak recently, with less active trading overall. A report by cryptocurrency firm, Coinshares, showed that there was merely a small inflow of $10.3 million into the crypto market last week. This implies that investors are still hesitant and do not have much confidence towards the future.
BTCUSDT: Bitcoin Rally Is Weak, with Risk of Breakdown_1

Technical AnalysisBTCUSDT: Bitcoin Rally Is Weak, with Risk of Breakdown_2

In the 4-hour chart, BTCUSDT has recently oscillated at lows. Despite the rally, the strength and the extent are not strong. The price is located near the resistance level of 20500 at the upper level of the oscillation range at the lows. The indicator RSI has entered the overbought territory in the short term. Then, the BTCUSDT can fall further again or even break down in the future. If the price falls strongly below the 18700 level, it will open further room to the downside. The price can fall towards 15000 in the future.
It is recommended to go short at highs. You can go short when the price rallies to around 20360. The target is set around the support level of 15000, with a stop-loss above 21680.

Trading Recommendations

Trading direction: Short
Entry price: 20360
Target price: 15000
Stop loss: 23000
Support: 18700/18000
Resistance: 21680/20360
Risk Warnings and Investment Disclaimers
You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or signal, or any other product is suitable for you based on your investment objectives and financial situation.

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I am good at analyzing and interpreting the political and economic situation in Southeast Asia to find investment opportunities.

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Focus on

ETH-USDT, BTC-USDT, USDCNH

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