Bottom line: Bitcoin long term structure remains bullish against 3850 support. Since bulls have managed to take out resistance at 10500 recently, a corrective drop could materialize soon. Watch out for 6300/6400 levels for potential support, going forward.

Fundamental Outlook:

Dow Jones closed at 27138 levels, lower by -1%, after having rallied for 7 consecutive days. SPX500 was down more than -0.50% while DAX closed lower by -2.3%. It is too early to confirm, but this could potentially be a turning point for risk sentiment and Global Indices. Today’s most awaited event is the Fed meeting around 02:00 PM EST.

Bitcoin had rallied towards 10500 mark last week before pulling back. The crypto might be facing a potential sell off, as the US Dollar set to regain some of its lost ground. Furthermore, if risk sentiments continue to decline, Bitcoin may follow suit.

AUDUSD managed to hit 0.7042 yesterday, the highest peak since January 01, 2020, before pulling back sharply lower. The risk sentiment related Aussie Dollar managed to close at 0.6954, down close to -0.90%. It may come under further pressure as Global Indices face a potential selloff going forward.

Technical Analysis:

Bitcoin bulls remained under control since 3850 lows, and managed to take out resistance at 10500 levels over the last week. The crypto has already dropped to 9150 lows before pulling back towards 9800/900 mark. The correction could potentially complete around 6300/6400 levels going forward.

Bitcoin has carved an impulse rally between 3850 and 10500 respectively. A corrective drop towards the fibonacci 0.618 retracement (seen around 6230) of the above rally would be considered as high probability.

Aggressive traders might be willing to initiate short positions around 9600/9700 levels, with protective stops above 10500 and potential targets towards 6300/400 levels respectively. Conservative traders might look to buy lower.

Prepared by

Harsh Japee, Technical Analyst.

Bitcoin Chart

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