Bitcoin Analysis May 15, 2023

Bitcoin Analysis May 15, 2023
Create at 9 months ago (May 15, 2023 20:16)

Bitcoin has a chance to grow.

Jan Happel and Yann Allemann, co-founders of blockchain network analytics firm Glassnode, have stated that Bitcoin has a chance to break the $30,000 resistance, according to Glassnode. The current state of the global economy is favoring Bitcoin's growth.


“We are confident that in the long run the price will reach $35,000 if external pressure from the Fed eases. The Fed may temporarily suspend interest rate hikes in June. But there will be no interest rate reduction. This is the best chance. It's time for the price to rise to $35,000 over the summer. due to the decline in the DXY index"


Jurrien Timmer, a macroeconomics expert at Fidelity Investments, said that if the Fed cuts interest rates significantly, it will make Bitcoin a speculative market.


According to Timmer, a sharp Fed rate cut could have a negative impact on the value of the US dollar and push Bitcoin prices higher. It would undermine the independence of the Fed. Such a situation will weaken the US dollar. And the real interest rate may be subject to further changes, which will set the stage for Bitcoin to strengthen again.”


Timmer also said that in the past the FED has had some limitations when it comes to monetary policy. However, he believes inflation is already falling and the FED is about to cut rates.


Michelle Bowman, one of the governors of the Federal Reserve. stated on Friday that The Fed may need to raise interest rates in the future. If inflation remains high She also stressed that economic data released this month did not give her assurances that inflationary pressures would ease.


“If inflation remains high and the labor market is tight, It is likely that tighter monetary policy will be appropriate to help slow economic growth enough to mitigate future inflation.”


She added that the Fed's policy was not following the path outlined earlier. And there is evidence to suggest that interest rate hikes are already having an effect. The effects mentioned include a slowdown in willpower. reduced job openings and the slowing economy. In addition, lending tends to be more stringent. Recent bank failures This has contributed to increased uncertainty in the US economy.

Technical analysis data (5H)

Resistance: 27475.4, 27583.7, 27643.4

Support: 27307.4, 27247.7, 27139.4

Bitcoin Analysis todaySource: Investing.com
 
Pivot Points May 15, 2023 07:31 PM GMT+7
 
Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 27139.4 27247.7 27307.4 27415.7 27475.4 27583.7 27643.4
Fibonacci 27247.7 27311.9 27351.5 27415.7 27479.9 27519.5 27583.7
Camarilla 27320.8 27336.2 27351.6 27415.7 27382.4 27397.8 27413.2
Woodie's 27115.0 27235.5 27283.0 27403.5 27451.0 27571.5 27619.0
DeMark's - - 27277.5 27400.8 27445.5 - -

Buy/Long 1: If the price touches the support range of 27247.7 - 27307.4 but fails to break the resistance at 27307.4, you may consider setting a TP around 27583.7 and a SL around 27139.4 or based on your acceptable level of risk.

 

Buy/Long 2: If you can break the resistance range of 27475.4 - 27583.7, you may consider setting a TP around 27643.4 and an SL around 27247.7 or based on your acceptable level of risk.

 

Sell/Short 1: If the price touches the resistance range of 27475.4 - 27583.7 but fails to break the resistance at 27475.4, you may consider setting a TP around 27247.7 and an SL around 27643.4 or based on your acceptable level of risk.

 

Sell/Short 2: If you can break the support range of 27247.7 - 27307.4, you may consider setting a TP around 27139.4 and an SL around 27583.7 or based on your acceptable level of risk.

 

Technical Indicators May 15, 2023 07:31 PM GMT+7
 
Name Value Action
RSI(14) 53.386 Neutral
STOCH(9,6) 98.269 Overbought
STOCHRSI(14) 81.005 Overbought
MACD(12,26) -120.300 Sell
ADX(14) 38.830 Buy
Williams %R -1.093 Overbought
CCI(14) 158.1232 Buy
ATR(14) 313.5000 Less Volatility
Highs/Lows(14) 251.4286 Buy
Ultimate Oscillator 63.868 Buy
ROC 3.938 Buy
Bull/Bear Power(13) 479.9300 Buy

Buy:6

Sell:1

Neutral:1

Summary:Strong Buy

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