BTCUSD

BTCUSD

Naturally, risk-averse individuals prefer cryptocurrencies, metals, and the Japanese Yen as safe-haven assets when the dollar is unstable. Recently the banking crisis in America and Europe has resulted in the decline of the US Dollar against major currency pairs.
On the long-term monthly and weekly time frames, we have a strong bearish decline of Bitcoin against the dollar targeting the 12,000-15,000 price handles. In the short run, due to the crisis mentioned above, Bitcoin has been resurgent against the dollar. Using smart money concepts of supply and demand , we anticipate Bitcoin to mitigate the fresh supply sitting at a 29,000 price handle. Once it mitigates we have two options;
1. If it breaks above (blue arrow), we expect it to rise further targeting the 40 ,000-50,000 price handle.
2. If it mitigates and fails to break higher, we will look for sell opportunities targeting the 12,000- 15,000 price handles.
We have a bias for option 2, where Bitcoin is expected to register a further decline against the dollar.
The above options will only be confirmed on the lower time frames, preferably the 4-hour chart.

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