Daily Bitcoin Update - general overview of the days trading

22 Des 2022

Evening all,

Full TA in the video as usual. Some notes:

Remember to hit the BOOST

- Volatility Thursday - Initial jobless claims and GDP price index were announced and showed a strengthening economy which is not what the FED want. The rate hikes are aimed to weaken the economy.
- A strengthening economy could lead the FED to be more Hawkish
- The SPX, ES1 and Nasdaq reacted accordingly moving lower
- Bitcoin moved lower at the same time
- Throughout the day we were monitoring the Inverse Head and Shoulders on the 4hr TF looking for the right shoulder Higher Low which was printed on Binance [BTC/USDT] but not on BTC/USD so it pays to look at both charts
- Bitcoin now is in the same position once again and needs to break above $16910 and flip this into support to move higher.
- Bitcoin is currently facing the resistance of the upper trendline of the falling wedge on the right shoulder, there is fib resistance at 16867 and also the main resistance at 16910.
- With everything shutting down for Christmas are the buyers there to push this price higher? Volume is required and although there is volume at the moment will there be enough to break 16910.
- We also have more news tomorrow with the PCE price index [Personal Consumption Expenditure Price Index]. A higher-than-expected reading could lead the FED to be more Hawkish. Should this be the case the markets may well start pricing this in.

Right now we ask ourselves
1. What is the strategy if Bitcoin get's rejected again by 16910?
2. What is the strategy if Bitcoin breaks higher and holds 16910?
3. What is our overall market sentiment and do our strategies fit with it?


Thanks for taking the time to watch the video.

Be patient and stick to your strategy!

Please hit the boost button if you like this update.

Back tomorrow.

Thanks

SIMON BPOI