BTC/USD Forex Signal: Hopes For A Santa Rally Emerge
Date
12/21/2022 2:29:40 PM
(MENAFN- Daily Forex) Bullish view Buy the btc/usd pair and set a take-profit at 17,600. Add a stop-loss at 16,200. Timeline: 1-2 days.
Bearish view Set a sell-stop at 16,300 and a take-profit at 15,000. Add a stop-loss at 17,500.
The BTC/USD price tilted upwards in the overnight session as an uneasy calm resumed in the market. bitcoin rose to $17,000, which was slightly above this week's low of 16,253. This price is about 8% below the highest level this week.
Advertisement test out this trade suggestion with a top-rated btc/usd broker get started Somber mood in the crypto industry
Bitcoin has been under pressure in the past few weeks as a somber mood engulfed the crypto industry. The most important catalyst for Bitcoin and other cryptocurrencies is the collapse of FTX, which has led to a significant loss of confidence in the sector.
FTX was the second-biggest exchange in the world with billions of dollars in customer deposits. The company collapsed as it suffered a significant bank run in november. In bankruptcy proceedings, the firm has revealed a gap worth over $8 billion.
The main concern among investors is that other exchanges could come under pressure in the coming months. Recently, companies like Binance have seen billions of dollars in outflows as investors liquidate their holdings and move their tokens to cold storage.
The situation worsened last week after the Federal Reserve delivered its interest rate decision. As was widely expected, the bank decided to hike interest rates by 0.50%. It also warned that it will continue hiking interest rates in the coming year. The terminal rate is expected to be at 5.1%.
The next key catalyst for the BTC/USD price will be the upcoming American consumer confidence data. Economists expect that consumer confidence made an improvement in December as inflation eased. Data published last week showed that the country's inflation eased to 7.3%.
Consumer confidence is expected to have risen from 100 to 101.2 in December. A strong confidence figure could provide more incentive for the bank to continue hiking rates.BTC/USD forecast
The BTC/USD pair rose slightly on Tuesday and Wednesday morning. This rebound happened in sync with stocks, with the Dow Jones rising by more than 300 points. The pair has moved to the 25-day and 50-day moving averages while the macd made a bullish crossover. The Relative Strength Index (RSI) moved above the neutral point at 50.
Therefore, the pair will likely continue rising as buyers target the ascending trendline at 17,500. A move below the support at 16,265 will signal that there are still more sellers left in the market.
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