Bitcoin on September 17, 2022 – The king of cryptos close to knockout?

The king of cryptos on the razor’s edge again! – Last week, many investors gasped as they saw Bitcoin (BTC) pull away from the $20,000 support. Unfortunately, this respite was short-lived on Tuesday. In fact, inflation in the United States in August dashed fragile hopes. Not because it’s been down slightly month over month. More other components took over from energy in keeping prices higher. The force says the Fed’s monetary tightening measures are currently not effective in fighting inflation.

Which would I say that the hope of an inflection on this subject could be put aside for a good while. In this sense, it would not be enough for the business of the king of cryptos, which itself remained entangled in its bear run since its last ATH in November 2021. Especially since the latest technical analyzes would lead us to consider potentially new more bottom of the year. It’s good that BTC prices have managed to pull through for now, we’re not far from a fatal knockout.

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Bitcoin in the United Weeklies – Check Prices with the Tenkan and Bring Over $20,000

Barring exceptional unforeseen events, this week’s bearish candle brings Bitcoin back to $20,000. With prices failing below the Tenkan in anticipation of another technical bounce. Now we find ourselves in the same situation as in mid-June. More by dint of hitting a major support in an underlying trend that remains bearish, I fear that the bears will definitely win the battle.

Like it or not, the technical signals in weekly units have been favorable to them for several months. Firstly, BTC and Chikou Span prices continue to bog down under the Kumo (Ichimoku cloud). And on this point, we should say that their respective passages beyond the cloud would not happen anytime soon. On the other hand, the fact that the prices of the king of cryptos are struggling to complete part of the last wave of correction, proves that the bears preferred to temporize while witnessing the evolution of the situation.

Starting from this observation that is no longer pleasing, the scenario would be oriented towards the breaking of the supports at $20,000. In this case, a third wave of correction would probably emerge under the sign of the capitulation towards the support of $12,000.

Bitcoin in Daily Units – Prices and Chikou Span under the Kumo

The session of September 13, which is marked by the latest inflation figures in the United States, looked like a hangover for the king of cryptos. Exactly car, The prices were rejected with the resistance at $22,000 and the base of the Kumo, the Senkou Span B (SSB). And at the same time, they simultaneously broke down the Tenkan and the Kijun. Now, hovering around $20,000, BTC prices and the Chikou Span are below the cloud in daily units.

Bitcoin on September 17, 2022 – The king of cryptos close to knockout?

To prevent them from choosing not to turn truly bad, they needed the king of cryptos to quickly regain height on contact with the resistance of $22,000. You will wait for a better number than the week that will be picked up. And why not a potential downward bear run crossing which could lead it in the direction of the resistance at $26,000. Without it being a technical signal that would signal a favorable trend reversal in the immediate future.

More imaginary than worse scenarios are produced, I refer you to the objects mentioned on the weekly chart analysis.

Now that Bitcoin is almost back to the same price zones as in June, will it come out in a bear run recovery after the first ATH in November 2021? Would you see another attempt at a rebound technique that would allow you to temporarily remove the $20,000 threat? In any case, they transmit uppercuts to the bulls. But these are still holding up.

KO or not, reality invites us to humility. Not only at the graphical level, the future Kumo projected until the first quarter of 2023 and facilitated by a price blowback of the king of cryptos given its significant thickness. Worse still, the Fed’s monetary tightening will continue as long as it appears that the results are desired. This is what constitutes an environment conducive to the unexpected, which is grafted onto the current uncertainties in the financial markets. In which case, beware of exiting positions carried out in the most total panic which would again sow discord on cryptocurrencies as was the case last spring.

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