that “historically, a strong indicator of where the $BTC bottom is is when the bearish BTC Candle 2 performs its Yearly Close."
Rekt Capital was discussing Bitcoin’s four-year halving cycles, with the year after the halving traditionally one of overall losses. The worst could be in by the end of the week, he thus argued, “and whatever downside wicking occurs in the following Candle 3 is just a bonus for bargain buyers.”On lower timeframes, the picture remained unclear, with BTC/USD stuck in a narrow range still $1,000 above its multi-year lows from Q4.
Order book data from Binance uploaded by Material Indicators showed a lack of tangible support between spot price and $16,000, with resistance stacked at $17,000 and higher., predictions for Q1, 2023 range from a recovery above $20,000 to a fresh shock for bulls in the form of a trip below $10,000.On macro, United States equities opened to modest losses, the S&P 500 and Nasdaq Composite Index both down nearly 1% at the time of writing.The U.S.
“Keep an eye on the U.S. Dollar Index DXY here! A breakdown could increase momentum for bullish market dynamics,” a hopeful Caleb Franzen, founder of Cubic Analytics,“The Fed is still tightening, with balance sheet reductions likely to become a significant factor in 2023. Still, risk assets might have some reprieve soon.”The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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