Crypto Perry
Crypto Perry 2 minutes reading from Bitcoin

Bitcoin’s Economic Motive: Market Move Above $250

btc had a strong breakout above the 0.236 fib level at 19.7k, and has arrived at the resistance area where our new challenge is to break above the 0.35 golden pocket at 20.5k

It is likely that we find rejection here, because bitcoin needs to flip the 0.236 into support first.

it is advised to watch your trades and don't let the fomo feelings take over.

Be realistic and ask yourself, what are the economic reasons for the market to move up ?

My feelings are still not very positive for any upward movement.

There is no economic reasons as of now to support a further rise in price.

Global housing markets about to enter a crisis, Inflation rates hitting even harder than expected in many countries.

unemployed rates hitting all time highs, gas and energy prices increasing, with a lot of insecurity towards what prices it will rise in the winter, and of course still the fear of a possible greater war with Russia as the Nato, and US government are mixing them self into this..

Personally I think that we are going to be stuck in this range between the 0.65gp at 22,5k and the lower ranges around 16k for the biggest part of 2023, before seeing any price movements above 25k.

However nothing is set in stone, and both the world, and crypto is a weird place where everything can happen, I'm just advising to keep a logical and clear head when trading, and don't just act because of fomo feelings.

Trade safe, and lets see where this will take us.

This post is based on this twitter thread.

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