Without a clear-cut direction, Bitcoin is trading around $23,100 and ranging between $22,977 and $23,166.
- United States ADP Nonfarm Employment Change (Jan) is next today at 13:15 UTC.
- While flat so far today, Bitcoin is on a 3 day bearish trend during which it lost $598.15 of its value.
Earlier data releases related to Bitcoin – following a previous reading of 109, Consumer Confidence in United States released yesterday at 15:00 UTC fell short of the 109 figure expected by analysts with an actual reading of 107.1. United States API Weekly Crude Oil Stock came out at 6.33 million, while a consensus of analysts was expecting -1,000,000.
Here is the technical analysis of Bitcoin before macro data is released:
Bitcoin made an initial break below its 10 day Simple Moving Average at $23,000, a possible indication of a forthcoming negative trend. On the other hand, note that Bitcoin is climbing away and is now $298.16 from the $22,800 support line. 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
Despite the market lacking direction, technical chart analysis strongly suggests Bitcoin is positioned for a downward move in the near term.
Coming up for Bitcoin — today at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 376,000 from the preceding figure of 533,000. United States ADP Nonfarm Employment Change (Jan) is scheduled for today at 13:15 UTC.
As the markets get ready for more data to be released — having closed the previous session at $0, UNICORN Token USD is up 2,537,335% today to currently trade at around $6.52. FTX Token leaps up 9.54% to trade around $1.36. Dogecoin is down to $0.092, losing $0.004, after closing at $0.097 in the preceding trading session.
Registering some good gains for about 2 months now. Bitcoin has gained 39.23% since its lowest print of $15,759 earlier this year.