BTC/USD Forex Signal Today 24/02: Bearish Breakdown (Chart)
Bearish view
- Promote the BTC/USD pair and set a take-profit at 89,200.
- Add a stop-loss at 100,000.
- Timeline: 1-2 days.
Bullish view
- Purchase the BTC/USD pair and set a take-profit at 100,000.
- Add a stop-loss at 89,200.
The BTC/USD pair remained on edge on Monday morning because it reacted mildly to some main macro and crypto-related occasions. Bitcoin was buying and selling at $95,585, the place it has been at previously few weeks. There are indicators {that a} bullish breakout or a breakdown will occur quickly.
BTC ignores the Bybit hack
Bitcoin worth reacted mildly to the biggest hack within the cryptocurrency business. Lazarus Group, a hacking group related to the North Korean authorities, hacked Ethereum cash valued at over $1.4 billion from Bybit, the second-biggest crypto alternate on this planet. It hacked these cash from its chilly wallets, sending shockwaves within the crypto business since chilly wallets are believed to be the most secure.
Bitcoin has additionally reacted mildly to the continued geopolitical points which have pushed gold to the best degree on report. Donald Trump has began to barter with Russia on ending the warfare in Ukraine. He has hinted that he’ll desire a deal between the 2 nations quickly, decreasing the geopolitical tensions.
On the similar time, Trump has restarted his commerce warfare with the highest buying and selling companions like Canada, Mexico, China, and the European Union. He has already utilized tariffs on Chinese language items valued at over $450 billion a 12 months. Tariffs on imported metal and aluminium will kick off subsequent week.
Equally, the US will implement tariffs on Mexican and Canadian items subsequent week if there is no such thing as a deal on migration and different points. He has additionally hinted that tariffs on the European Union will come out quickly.
All these points will have an effect on the US inflation, which can have an effect on the subsequent actions by the Federal Reserve. Economists count on the Fed will preserve a extremely hawkish tone due to the rising inflation charge within the nation.
BTC/USD technical evaluation
The day by day chart reveals that the BTC/USD pair has been in a consolidation previously few weeks. It was buying and selling at 95,670 on Monday, the place it has been caught at previously few weeks. The pair fashioned a double-top chart sample at 108,277. Its neckline is at 89,200.
A double-top is likely one of the most bearish patterns in technical evaluation. It has additionally moved barely beneath the 50-day shifting common. The pair has additionally fashioned a symmetrical triangle sample, whose two traces are nearing their confluence degree.
Due to this fact, the pair will probably have a bearish breakdown within the coming days. Such a transfer will probably push it to 89,200, its lowest level in January.
