Bitcoin in full hesitation around $30,000- The Bitcoin 2023 is having a very different year than 2022. The price is up 100% since the low marked at $15,500, but the sellers could start to show. BTC is in an important polarity zone, and the dollar could bounce off the support level. Do buyers still control the price of BTC? THE risky assets can they keep climbing? This is the Weekly Macro Point!
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Bitcoin price moves at the polarity zone around $30,000
A start to the week controlled by the bears, since the bitcoin price went below 30 000 $. However, buyers have not said their last word:
After breaking the bearish trendline initiated in November 2021, the price rebounded on the trendline, around 20 000 $. The dynamic is bullish for the moment on a weekly basis, the price is chaining troughs and ascending peaks. Currently, the course is at the level of a polarity area in between 29 000 $ et 31 500 $. This area is extremely important. Indeed, the level has several times allowed a bounceor one rejection :
- January 2021: the course was able bounce on the polarity area to achieve 64 700 $. The price then marked a top local.
- May 2021: the polarity zone has allowed a new bounce after a violent fall of more than 50 %. Then the price made a new high above 68 000 $.
- June 2022: this time, the sellers prevail and manage to break the level. The price falls until it reaches the lowest marked at 15 500 $.
Today, BTC price is again around 30 000 $, will the buyers be able to break the resistance on the first try? If so, price could head towards the area at 47 000 $. In the event of a fall, the institutional bias (EMA 9/EMA 18) could act as dynamic support. If a strong rejection takes place, the price could return to the level of the rack at $24,500. The RSI is showingshortness of breatha pause could be marked here.
In 4H time unit, the course is ready to start again?
The price of BTC was rejected at the level of the resistance at $30,500. Sellers have shown up, but price seems to have found buyers at the neckline of the “W” at 29 170 $ :
The wick left at the neck line shows that the buyers are present. For buyers, it is essential to maintain the level of rack at $28,500. If the price rebounds and breaks the resistance at 30 500 $Bitcoin could return to the level of the resistance at $31,500. However, in the event of a fall, the price would slide towards the next supports located at 27 500 $ and to 26 700 $.
The RSI marked a bearish divergence by closing below 65. This shows shortness of breath, the course pauses.
Risk off: towards a rebound in gold and the dollar?
The dollar index could rebound at the support level at 102 points
The price of Bitcoin is facing a significant resistanceand the dollar index evolves at the level of a support important. Ce 102 point support could allow a rebound. If so, cryptocurrencies might struggle to express themselves:
The dollar index is stuck between the last 106 point highand the last trough at 100.8 points. If the price closes above 106 points, a double bottom would fall into place. In this case, buyers would regain control. For lovers of risky assets, a close below 100,8 points would be positive. Indeed, this would confirm the bearish momentumand risky assets could continue to express themselves.
The RSI evolves under the bearish trendline, the sellers have their hands on the momentum. However, a fence above 55,5 would relaunch a momentum with troughs and ascending peaks. In this case, the buyers would recover the momentum.
Gold could rebound to $1,970?
The price of gold is on the rise in 2023. Indeed, the price is up by almost 10 % against the dollar:
Gold displays a bullish momentum in 2023. Recently, buyers managed to close the price above the last high at $1,960. Now, the monthly resistance at $1,970 give in. For this, a fence above the last high at $2,047 would allow the momentum to continue. In case of rejection, the price could return to the level of the next bracket at $1,890. The price of gold has been in a range for several years, could the year 2023 allow gold to revive the bullish primary momentum ? The RSI is divergentthis marks the loss of momentum on the buyers’ side.
Against Bitcoin, gold continues to be fragile :
The bearish momentum has always been present since the beginning of 2023. For cryptocurrency enthusiasts, the trend should continue. Gold/BTC is bearish in the short term, but it could find a reaction around the weekly support.
The RSI evolves under the bearish trendlinebut a change in momentum could take place in the event of a close above 45. It will be necessary to monitor a possible break in the bearish trendline.
Bullish continuation for the US market?
The S&P 500 could break resistance at $4,100
The S&P 500 attempts to maintain momentum with bottoms and rising tops:
The price of the S&P 500 is stuck between 4 195 $ et 3 810 $. To continue on the bullish momentumthe price must close above 4 195 $. A fence like this would probably break the resistance at $4,100. In this case, a return to the level of the next resistance at $4,300 seems possible. However, if a rejection takes place, the price could return to the level of the bracket at $3,900. It will then be necessary to maintain this support to avoid slipping under the last dip at 3 810 $. This would mark a double topa bearish pattern.
The RSI continues to evolve under the résistance, it would have to pass over it. However, the RSI is solid for many months.
NASDAQ on its way to $13,800?
The NASDAQ seems to be ready to return to the level of the resistance at $13,800 :
The dynamic is bullish short term on this asset. The course seems to separate from the resistance at $12,700a you first stop (0.382 Fibonacci retracement). The bullish institutional bias could serve as dynamic support in the days or weeks to come. If it’s just one DETOUR and the price slips below this level, it could join the next bracket at $12,100.
The RSI continues to show a remarkable solidity. Indeed, it continues to display a bullish momentum. A fence above 65 would allow the momentum to continue.
The Bitcoin evolves at the level of resistance zone. This is a very important area for this asset, it could reject price action at first. However, in a 4H time unit, buyers still have control over the price. This morning, the price reacted at the level of the neck line of the “W” at $29,170. As long as buyers keep the rack at $28,500the dynamic can start again.
The concern comes from the dollar index which evolves at the level of a support. If the dollar reboundsTHE cryptocurrencies could have difficulty expressing oneself. Gold is still bullish, but it is at an important resistance level at $1,970. This resistance will have to give way to relaunch the bullish primary momentum. The US market has a shot to play. The S&P 500 has an opportunity to break away from resistance at $4,100, and back to the next resistance level at $4,300. For its part, the NASDAQ seems ready to return to the level of the next resistance at $13,800. Will risky assets continue to rise?
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