BTC/USD Forex Signal Today 26/02: Double-Top Points (Chart)
Bearish view
- Promote the BTC/USD pair and set a take-profit at 80,000.
- Add a stop-loss at 94,000.
- Timeline: 1-2 days.
Bullish view
- Purchase the BTC/USD pair and set a take-profit at 93,955.
- Add a stop-loss at 80,000.
The BTC/USD pair crashed to the bottom degree since November final 12 months because it exited a two-month consolidation. Bitcoin value fell to a low of $85,650, down by over 20% from its highest degree this 12 months, which means that it’s now in a bear market.
The BTC/USD plunged because the market confronted substantial dangers within the world economic system. One of many high dangers is that Donald Trump has signaled that he’s critical about implementing tariffs on American imports.
Trump hopes that these tariffs will push extra firms to spend money on American vegetation, which can assist scale back the deficit. He additionally hopes that the cash collected from tariffs will assist to offset the deficit created by his tax cuts.
Excessive tariffs will probably result in extra inflation within the US, a transfer that can push the Federal Reserve to keep up excessive rates of interest within the nation. Bitcoin and different property like shares underperform the market when the Fed has embraced a extremely hawkish tone.
Bitcoin will subsequent react to the upcoming NVIDIA earnings, which can set the tone for the inventory and crypto market. Sturdy earnings could assist to spice up confidence available in the market and push crypto costs decrease.
BTC/USD technical evaluation
The each day chart exhibits that the BTC/USD pair has been in a consolidation section up to now few months. It shaped a double-top chart sample at 108,440, and has now moved beneath the neckline at 89,136, its lowest swing on July 13.
The pair has dropped beneath the 50-day and 100-day Exponential Shifting Averages (EMA). The MACD indicator has moved beneath the zero line, whereas the Relative Power Index (RSI) is nearing the oversold degree of 30.
Bitcoin has additionally misplaced the final word help of the Murrey Math Strains indicator. Due to this fact, the trail of the least resistance can be downwards, with the subsequent level to observe being at 73,725, the best degree in March 2024.
The choice situation is the place the BTC/USD pair bounces again and retests the 100-day transferring common at 93,950.
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