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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="SOLIDECN, post: 203520, member: 80239"] [HEADING=1][CENTER]BTC is losing ground amid events in Kazakhstan[/CENTER][/HEADING] [HR][/HR] [B]Current trend[/B] [JUSTIFY]Last week, the BTC/USD pair continued to decline and tested the level of 41000.00. The instrument was pressured by two negative factors – the publication of the minutes of the last meeting of the US Federal Reserve, filled with the “hawkish” rhetoric, and the events in Kazakhstan. In the minutes of the American regulator, it was noted that it could start raising rates earlier than planned, as the factors of inflation growth in the country persist. Experts believe that the first increase may take place in March, and the December positive data on the US labor market only strengthens confidence in this. The prospect of an imminent tightening of monetary policy puts pressure on alternative assets, including digital ones. Events in Kazakhstan, where more than 18% of the world's cryptocurrency mining is concentrated, led to a decrease in the activity of large mining pools and a decrease in the BTC hash rate by 12%. Currently, the situation is normalizing, however, the first cryptocurrency does not receive the necessary support to restore lost positions. [B]Support and resistance[/B] The key “bearish” level is 41000.00. Its breakdown allows further decline to 37500.00 (Murrey [–2/8]). The breakout of 43750.00 (Murrey [–1/8]) allows growth to 46400.00 (middle line of Bollinger bands) and 50000.00 (Murrey [0/8]). The continuation of the decline seems more likely since the reversal of Bollinger bands downward and the increase in the MACD histogram in the negative zone indicate that the downtrend continues. Stochastic's exit from the oversold zone does not exclude an upward correction but its potential seems limited. Resistance levels: 43750.00, 46400.00, 50000.00. Support levels: 41000.00, 37500.00.[/JUSTIFY] [ATTACH]19838[/ATTACH] [/QUOTE]
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