The fallout into the cryptocurrency space this year saw Bitcoin drop from a 2022 high of $ 48,000 (January 2) to a low of $ 40,500 on Saturday, January 8. This decline has been halted for now as the price has stabilized from that low in Sunday trading 41170. The reason for the move was the continued upward push in US Treasury yields. At the risk of a repeat, this dynamic was covered multiple times in the first week of 2022. The fact that both BTC and Ethereum are zero-yielding assets is a problem when interest rates start to rise. Now, of course, this won't stop many traders from wanting to own them, but the higher shipping cost is also a great damper for these coins. After all, they were born in a zero-interest environment and if that changes then their appeal will surely change as well. How much, of course, remains to be seen. Meanwhile, the moving average at 50 is going to cross with the average at 200. As usual, I report the levels for intraday trading:
How to interpret the levels?
I use them like this, I use a time frame of 30 minutes and with a close of the candle above the BUY ABOVE price I go long with the relative targets. And the indicated stop loss. I consider the first three targets the most important ones.
A short opening occurs with a price below SELL BELOW with the relative targets and the stop loss.
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This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision.
THE OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATION PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT OR OTHER ADVICE.
Graphic: tradingview.com
