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"Buy more Bitcoin, gold and silver," calls known from numerous publications, especially the famous bestseller "Rich Dad, Poor Dad" author and investor Robert Kiyosaki. In one of his last tweets, he spoke about the upcoming investment opportunity. In his opinion, if the FED does not change the current rate and continues to raise interest rates, and thus - strengthens the position of the US dollar - it will be a great opportunity to take advantage of the promotion on Bitcoin, gold and silver.
Kiyosaki ensures that anyone who buys more Bitcoin, gold and silver will enjoy solid profits in the moment that must come sometime, such as a 180-degree change in FED policy, i.e. lowering interest rates. According to Robert, this could happen as early as January 2023 - then the US dollar could "crash (against the rocks)", as was the case with the British pound.
As of May 2020, Kiyosaki has been systematically expressing his enthusiasm for assets that are not directly managed by the U.S. Federal Reserve Bank. Interestingly, his support for the uncontrolled Bitcoin by the Fed continues despite the fact that he still considers it an asset "of no real value."
The BTC/USD pair has been seen moving up after the successful test of the local short-term trend line dynamic support around $18,980. Only a sustained breakout above the levels of $20,221 - $20,580 would change the outlook to more bullish, however after the Bearish Engulfing candlestick pattern was made at the level of $20,374, the odds for a breakout higher are very low. The market conditions on the H4 time frame are positive, momentum is strong and well above the level of fifty. The nearest technical support is seen at $19,096 and $19,256. The swing low is seen at the level of $18,150.
WR3 - $19,869
WR2 - $19,490
WR1 - $19,335
Weekly Pivot - $19,190
WS1 - $18,955
WS2 - $18,731
WS3 - $18,351
The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.
Relevance up to 09:00 2022-10-05 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
