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Analysis of futures: sellers increased pressure on bitcoin

Posted on September 23, 2022

Analysis of futures: sellers increased pressure on bitcoin

Forecasts of financial markets are the private opinion of their authors. Current analysis is not a recommendation, trade guide or investment research. FORKLOG and Bybit are not responsible for the results of the work that may arise when using this material to make trade decisions.

On October 13, the US Federal Labor Statistics Bureau reported that the basic inflation rate in September increased to 6.6%. This was the highest value since 1982.

The first cryptocurrency reacted with a fall below the level of $ 18,200, but by the evening the quotes returned to marks above $ 19,000. At the time of publication, Bitcoin is traded about $ 19,600, Ethereum – above $ 1300.

What to expect from the market this week? We analyze the price levels of cryptocurrencies on the BYBIT exchange.

BTCUSD

After a false breakdown of support $ 19,000, the price of BTCUSD quickly rose to the resistance in the zone $ 20,000, but the bears did not release bitcoin above the psychological mark.

5 Ways to Calculate

This week bulls can re -test $ 20,000. If buyers will not be able to overcome this level again, the asset can update at least below $ 18,200.

Ethusd

Like Bitcoin, Ethereum last Thursday sank below $ 1200 and returned to the strong support of $ 1300.

With the preservation of the ascending dynamics of bitcoin, Ethusd can achieve resistance in the zone $ 1400. If the first cryptocurrency cannot gain a foothold above $ 20,000, it is possible to re -test support about $ 1200.

conclusions

After a false breakdown of Bitcoin and Ethereum support levels, we again went into the side trend. Cryptocurrencies will continue to update minimums below $ 18,000 and $ 1200, respectively.

If buyers of digital gold will not be able to hold the price above $ 20,000, then cryptocurrencies will continue to update minimums below $ 18,000 and $ 1200, respectively.

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