Bitcoin Could Drop to $23,000 in 3 Weeks
The chart for BTC is looking very weak. It looks like a short-term fall for Bitcoin.
Bitcoin has been in a downtrend for over a year. This isn’t news to anyone. There has been a significant bounce up over the last few months. It is my thesis that Bitcoin will fall with the markets but will regain its footing between $20,000 and $10,000. That is going to be my buying window.
The MACD indicator is about to cross into negative territory on the weekly chart. All that remains is to see red bars on the indicator to confirm the move lower. The relative strength is trending lower, meaning there is less buying support for bitcoin over the last few weeks. Interest rate expectations from the Federal Reserve are beginning to rise again as inflation has perked up in some areas and the employment market remains tight. Ultimately, I think Bitcoin will move toward the first trend line in blue below it which would mean it should find buyers at around $23,000. If you are currently very light on Bitcoin or have none, $23,000 will be a good entry point for a piece of your desired investment in Bitcoin.
**Gold & Silver are garnering a little support based on the inflation news but I still don’t see them rising again without another big move lower.
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