Blocksmith Says: More Downside for BTC

16 June 2022

In my last note I highlighted a possible support ledge somewhat south of US$20,000 (last price at time of writing US$22,000). We had a FOMC 75bps hike yesterday, but that was largely priced in by equity indices and hence the weak bounce in S&P500 Index futures. However, equities are still heavy and very likely to press lower which will drag crypto down. 

You can see from the simple chart that the March channel is still down and we are not at the bottom yet (that’s just below US$20,000 as well). RSI may well be oversold, and may well have jumped a little, but in the circumstances it signifies little.

Christopher Grafton
Christopher Grafton

Chris has been working in the markets for over 15 years variously as a broker, analyst and researcher. He is the author of a well-known book on Hurst cycles analysis, and runs his own market analysis software platform on Bloomberg. He’s also a keen student of both the cello and Brazilian Jiujitsu.

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