Bitcoin Chart

Today’s date is September 6th, 2022. Bitcoin’s current price is $19,765 and Ethereum’s price is currently $1,656. In the chart above we are showing Bitcoin after having a small relief rally now struggling to break above the $21,000 previous support now resistance line. Holding the lower part of this channel labeled 2 will cause us to fall back into the channel labeled continuing the downtrend lower. Expecting to show support at the previous line back when we dropped below $18,000 which is labeled channel 3 with a green line. Now Ethereum increasing over 6% today with the anticipation of the merge coming to fruition which usually means it is time to sell the news since people will only be buying into the hype from this point forward recommending waiting till after the merge news dies down for the better price. Checking in on equity markets the US dollar price continues to increase to a high previously seen in 2002 which means the FED is starting to have an effect with interest rate hikes, also continuing to push higher stated by Jerome Powell in previous statements. Commodity markets also decreased in price while NASDAQ and S+P took a minor hit and now going sideways.