On the 4-hour TF, the cryptocurrency leaped up after another unsuccessful attempt to gain a foothold below the $18,500 level. The growth is currently a little more than $2,000, and the price reached an important $20,400. However, the main side channel of $18,500-$24,350 remains in force. Thus, bitcoin can spend any amount of time inside it. The technical picture has not changed. But now, it does not imply the continuation of the downward trend since the downward channel on the 4-hour TF and the trend line on the 24-hour TF is no longer relevant.
While bitcoin remains close to its local "bottom," many crypto experts continue to share their opinions on the prospects in the markets. For example, Robert Kiyosaki, who loves to comment on where to invest money, believes you can protect your capital only with gold, silver, and bitcoin. According to the author of the book "Rich Dad, Poor Dad," rising inflation threatens the collapse of the world economy. He calls the Fed's monetary policy "ill-conceived." Kiyosaki believes the main shocks will affect bonds, stocks, and real estate. "Raising the key rate will finish off the American economy, but you can protect yourself from this by buying gold, silver, and bitcoin," says Robert.
It should be noted that gold is falling from its highs reached on March 8 of this year. Currently, it has already fallen in price by more than 20%. Bitcoin, at the same time, collapsed by 70%. On the one hand, the current levels look very attractive. On the other hand, no one knows how much more gold and "digital gold" will sink before they start to grow again. If you can withstand any drawdown and are willing to wait for several years, you can buy these assets now. If not, then, in our opinion, now is not the time for such risky purchases since there are no technical signals.
Separately, I would like to note that the US stock market is also at its local "bottom" and has lost 30-40% this year. Only the Dow Jones index feels relatively confident. Recall that stocks are also risky assets, falling when monetary policy tightens. And already tonight, it can tighten up again.
In the 4-hour timeframe, the quotes of the "bitcoin" continue to move sideways. We believe the decline will continue in the medium term, but we must wait for the price to consolidate below the area of $17,582-$18,500. If this happens, the first target for the fall will be a level of $12,426. The rebound from $18,500 (or $17,582) can be used for small purchases, but be careful – we still have an absolute flat.