Looking at the H4 frame, BTC is on the right track that FomoTrade analyzed the previous days. The possibility will increase strongly to the 17700 – 17800 zone. After that, it will back test the 17100 – 17200 zone.
Short term trading strategy
Short BTC 17700 – 17800
Take Profit: 17100 – 17200
According to CoinMarketCap, Bitcoin trading volume is around $16.7 billion, market capitalization at $328.9 billion. Total market capitalization today reached 858 billion USD.
As CryptoQuant data shows, recently, the number of Bitcoins sold by miners is quite large. As of now, miners have sold about 10,000 Bitcoins since December 1.
From a broader perspective, Bitcoin has maintained a steady growth momentum over the past week. Since last Monday morning, Bitcoin has surged from the $16,000 mark to $17,350, its highest price since Nov.
This is a rare rally for Bitcoin since the beginning of November, around the time of the collapse of FTX – the world’s second largest cryptocurrency exchange. This shows that it seems that the Bitcoin price is showing signs of recovery. Bitcoin is likely to retest the two prices of $17,900 and $18,500.
The “revival” of Bitcoin led to the upward momentum of the entire cryptocurrency market. Most of the major cryptocurrencies such as Ethereum (ETH), Binance Coin (BNB), Polkadot (DOT), Ripple (XRP) remained in the green this morning.
Previously, the Chairman of the US Federal Reserve (FED) – Mr. Jerome Powell implicitly confirmed that in the interest rate adjustment period in December 2022, the FED will reduce the interest rate increase to 0.5%, lower than the figure. 0.75% of previous increases this year. This is arguably the main growth driver of the cryptocurrency market.
The reason for this change is that the FED finds that the current interest rate is appropriate to control inflation in the US. However, the fight against inflation is not over and the Fed continues to raise interest rates.
From the beginning of 2022 until now, the Fed has had a total of 6 interest rate hikes, bringing the most important parameter for the US economy to increase from 0.25% to 4%. This is the highest interest rate the Fed has imposed since the 2008 economic crisis.
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