Technical Analysis of BTC/USD for October 13, 2023
October 13, 2023 7:27 am
Crypto Industry News:
On Tuesday’s edition of CNBC’s Squawk Box, Paul Tudor Jones warned of a possible stock market crash in the United States. He believes that the progressive and aggressive tightening of monetary policy by the Federal Reserve will lead the American economy into recession.
During the show, Paul Tudor Jones also admitted that he “loves” Bitcoin and gold. These are assets that take up an increasing percentage of his investment portfolio.
Billionaire Paul Tudor Jones is famous for managing hedge funds. For this reason, all of Jones’ opinions and predictions always cause a lot of confusion in the investment and cryptocurrency community. This time, Paul Tudor Jones admitted in the Squawk Box program on CNBC that the current situation on the US stock market is difficult. Jones believes that the Federal Reserve’s tightening of monetary policy is only going in one direction.
Technical Market Outlook:
The BTC/USD pair has broken out from the ascending channel on the H4 time frame chart and made another local low at the level of $26,520. The intraday technical support seen at $27,157 was violated, so it will now act as the key short-term technical resistance level. The weak and negative momentum on the H4 time frame chart supports the short-term bearish outlook for BTC, however the market conditions are now extremely oversold on the H4 time frame chart, so bulls are trying to bounce. Any breakout lower would likely extend the down move on BTC towards the level of $26,031.
Weekly Pivot Points:
WR3 – $28,205
WR2 – $28,019
WR1 – $27,907
Weekly Pivot – $27,834
WS1 – $27,722
WS2 – $27,648
WS3 – $27,462
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
Crypto Industry News:
On Tuesday’s edition of CNBC’s Squawk Box, Paul Tudor Jones warned of a possible stock market crash in the United States. He believes that the progressive and aggressive tightening of monetary policy by the Federal Reserve will lead the American economy into recession.
During the show, Paul Tudor Jones also admitted that he “loves” Bitcoin and gold. These are assets that take up an increasing percentage of his investment portfolio.
Billionaire Paul Tudor Jones is famous for managing hedge funds. For this reason, all of Jones’ opinions and predictions always cause a lot of confusion in the investment and cryptocurrency community. This time, Paul Tudor Jones admitted in the Squawk Box program on CNBC that the current situation on the US stock market is difficult. Jones believes that the Federal Reserve’s tightening of monetary policy is only going in one direction.
Technical Market Outlook:
The BTC/USD pair has broken out from the ascending channel on the H4 time frame chart and made another local low at the level of $26,520. The intraday technical support seen at $27,157 was violated, so it will now act as the key short-term technical resistance level. The weak and negative momentum on the H4 time frame chart supports the short-term bearish outlook for BTC, however the market conditions are now extremely oversold on the H4 time frame chart, so bulls are trying to bounce. Any breakout lower would likely extend the down move on BTC towards the level of $26,031.
Weekly Pivot Points:
WR3 – $28,205
WR2 – $28,019
WR1 – $27,907
Weekly Pivot – $27,834
WS1 – $27,722
WS2 – $27,648
WS3 – $27,462
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
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