Narrow support zone and resistance zone
Data from Cointelegraph Markets Pro and TradingView showed that when Wall Street opened on February 11, BTC / USD was waiting for a trigger to test either support or resistance nearby.
‘s largest cryptocurrency has been tough for traders following the US Coin Price Index on February 10th, with both long and short positions as 24-hour clearing exceeded $ 200 million in cryptocurrencies. Caused pain.
With the story of inflation still in the air, attention is focused on the possibility and timing of the Fed’s rate hikes.
“The markets have priced in rate hikes. However, if we suddenly get an emergency rate hike in the coming week or an acceleration of the rate hikes, that’s going to be harmful for the markets and potentially give a shock reaction. Therefore, remaining relatively calm on trading,” Cointelegraph contributor Michaël van de Poppe said on the day.
Fellow trader and analyst Scott Melker, known as the “Wolf of All Streets,” noted the narrowness of the current chart setup on lower timeframes, with support and resistance in evidence a comparatively short distance from spot.
For another popular commentator, Ambessa, it’s time to focus more on price behavior and sentiment rather than fundamentals to guide the future. “Don’t fight the market. Forget all the basics. Price action (+ sentiment) only,” he tweeted on February 11, sticking to a medium-term goal of just over $ 48,000. Did. On Wall Street, the S & P 500 fell before it recovered slightly, continued to be affected by the CPI gauge, and annual inflation returned to 7.5%. This is the highest price in 40 years. More fuel for Chart Bulls Another short-term signal to join the uptrend appears in the form of two more moving averages. Connections: Bitcoin Metrics demands profits from BTC as analysis demands “short-term attention” Twitter account As pointed out by Phoenix, these two are significant over the past year. We are trying to form a crossover that paves the way for price increases. .. “Trends are your friends,” summarized Friday’s account. “100 EMA is about to exceed 200 (4h tf). If so, they are back in full bull mode. It happened only twice in 21 years: eo July and early October. Back. Check Fluctuating Price: You want to shake you out. “
