Hopes of a Santa rally both in the United States equities markets and the cryptocurrency markets are fading as traders continue to trim positions in risky assets. Market observers are concerned that the Fed’s rate hikes may push the economy into recession. Millionaire investors are the most bearish since 2008.
The majority of the participants in CNBC’s Millionaire Survey said they expect the economy to be “weaker” or “much weaker” at the end of 2023. They believe the S&P 500 may continue its decline in 2023, with 56% of the respondents expecting a 10% decline while a third anticipate a fall of more than 15%.
We expected Bitcoin to pick up momentum and rally to $20,000 after breaking above $17,568 but that did not happen. The BTC/USD pair turned down from $18,385 on December 14 and slipped back below $17,568 on December 15, indicating that the sentiment remains negative and traders are selling on rallies. The 20-day exponential moving average (EMA) is flattish and the relative strength index (RSI) is just below the midpoint, suggesting that the pair may oscillate inside the large range between $15,460 and $18,385 for some time.
To invalidate this neutral view, buyers will have to clear the obstacles at the moving averages and then again at $18,385. If they manage to do that, the recovery could accelerate and the pair may soar to $20,000 and later to $21,500. On the other hand, if the price turns down from the 20-day EMA and breaks below $16,273, the pair could plummet to the strong support at $15,460.
The bulls are expected to defend this level with all their might because a break below $15,460 could start the next leg of the downtrend.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
FEATURING IN THIS WEEKS EDITION
– Ecudor Token
– Redux Technologies
– Giving To Service
– Uno Farm