2022-11-02 19:50:55
I haven’t talked about the market for a long time, right, it’s just that everything went exactly as I said last time.
We reached exactly $21,000, which surprised me with the accuracy with which we managed to analyze the situation.
Now there is quite a good trade at the end of the month, which looks quite good.
Fundamentally, everything is very good, of course, the Fed meeting will most likely not change anything.
The ECB surprised the most by raising the rate by 0.75% to 2% despite fears of a recession and raised the rate by 0.75% and reduces support for European banks.
The technical picture predicts a more or less good situation, we were able to overcome the $20,000 zone. Now there is a slight correction, so far I see no reason to panic and take profits from $19,000, but nevertheless, I would still fix part of the profit just in case.
However, the price is now testing a strong resistance based on the intraday level and also has a confluence with the 38.2% Fibonacci retracement level. Because of this, we need to refrain from entering the market at first, as I want to see what developments can bring in the near future.
Another thing that worries me is that the price has overshot so many levels and formed small gaps that may be closed soon.
My conclusion from here is that it is likely that the price will first show us another correction towards $20,000, which is currently a trend line, before another upside occurs. An early sign of a reversal occurred with the RSI which shows us a lower high divergence while price is in a higher high structure.
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