BTC Chart

Today’s date is September 19th, 2022. Bitcoin’s current price is $19,241 after a large drop of -7.55% to approx. $18,471. The realization of the rising interest rates is not stopping, the natural gas crisis in Europe, the Ukraine war, and all risk assets overall are feeling the pressure from these economic and social pains. The incoming fed fund rate of another 75 points is more than likely moving forward according to Powell and the U.S Treasury yield passes June high. All these factors are big reasons why we are likely to be entering a world economic recession in the upcoming months. Looking at the chart we can see Bitcoin is now below support line 2 and getting closer to our support line 3 of $17k. Now with the not-so-optomistic near future, we will be adding in line 4 which would be near an 80% correction from the all-time high which is more likely than ever, previous cycles have corrected upwards near 90% leaving more room for downside as a possibility. The overall current sentiment is definitely Bearish.