Bitcoin short term
I think we are stii in downtrend and more correction is ahead of us.
The 39k_40k we have a strong resistance (Supply) zone, and we can't break that line easily as supply gets strong on that area.
Technically
BTC Is in downtrend channel.
Fundamental reason:
Inflation all around the world is getting uncontrollable and goverments will try their best to control that, and by trying to decrease the inflation they have to rise intrest rates qnd they have to do more tapering in order to control this crazy inflation.
This is not good for cyptos and will put sell pressure on the market for a short term.
Next key federal reserve meeting is in march.
Another thing worth to consider is Russia, Ukraine probable war and even if the war doesn't occur, the mentality of that still affects the market negatively.
Generally in this unstable situations people risk tendency decrease and will choose more secure investment.
Next key support to watch is around 30k_33K and next key resistance to watch is around 40_42K.
Please note don't try to predict the market , always use money management system and try to react to the market condition very fast.
" Being wrong is okay but staying wrong is unforgivable"
This the work of private trade and can be completely wrong.
Please trade with extra caution in this market condition.
The 39k_40k we have a strong resistance (Supply) zone, and we can't break that line easily as supply gets strong on that area.
Technically
BTC Is in downtrend channel. Fundamental reason:
Inflation all around the world is getting uncontrollable and goverments will try their best to control that, and by trying to decrease the inflation they have to rise intrest rates qnd they have to do more tapering in order to control this crazy inflation.
This is not good for cyptos and will put sell pressure on the market for a short term.
Next key federal reserve meeting is in march.
Another thing worth to consider is Russia, Ukraine probable war and even if the war doesn't occur, the mentality of that still affects the market negatively.
Generally in this unstable situations people risk tendency decrease and will choose more secure investment.
Next key support to watch is around 30k_33K and next key resistance to watch is around 40_42K.
Please note don't try to predict the market , always use money management system and try to react to the market condition very fast.
" Being wrong is okay but staying wrong is unforgivable"
This the work of private trade and can be completely wrong.
Please trade with extra caution in this market condition.
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