Bitcoin continues to trade in almost absolute flat. It hasn't moved much in the last few weeks. In the last few days, it has been moving along the downward trend line on the 24-hour TF, so there is still hope that this line will remain relevant, and with it, the downward trend has been maintained for almost a year. However, this requires the cryptocurrency to overcome the $18,500 level. There have been several attempts to go below this level, but none have succeeded. If the price nevertheless overcomes the trend line, we remind you, this will not be considered a buy signal, since this signal will be formed in a total flat. In this case, the price will remain inside the side channel of $ 18,500-$24,350. Therefore, the side channel will be the priority.
There will not be many important events this week that can affect the movement of the entire cryptocurrency market, particularly bitcoin. We have already said that the ordinary news of the cryptocurrency sphere does not affect the "bitcoin" movement. Therefore, it doesn't even make much sense to analyze them. Global events and reports can move bitcoin from the "dead point" to which American inflation can be attributed. Recall that in the last two months it has been showing a slowdown, which is a positive effect that gives market participants hope for the completion of an aggressive Fed rate hike over the next 6 months. However, this is still a very long period during which the rate will increase.
Most experts, including us, agree that at the next Fed meeting, the rate will rise by 0.75% for the fourth time in a row. Inflation has slowed down too weakly to talk about a softening monetary approach. By the way, the last two Fed rate hikes did not provoke the collapse of bitcoin. But at the same time, the euro and the pound, along with the US stock market, continue to fall. Therefore, there is a feeling that a new fall in bitcoin will happen in the near future. Thus, we are still waiting for the quotes of the first cryptocurrency in the world to reach $ 12,426.
In the 24-hour timeframe, the quotes of "bitcoin" could not overcome the $ 24,350, but they also could not yet overcome the $18,500 (127.2% Fibonacci). Thus, we have a side channel and it is unclear how much time Bitcoin will spend in it. We recommend not rushing to open positions. It is better to wait for the price to exit this channel, and only then open the corresponding transactions. Overcoming the $18,500 level will take you to the $12,426 level.