Weekly Market Update – 12-26-2022


BTC Overview (Long-term and Short-term TA)
US100 Overview


Chart-wise, volatility is lessening more and more, and we are at the halfway point in the price range, so we think it is best not to rush now, but to wait until the chart is in better shape. As for this week, I have not traded BTC at all. The market also needs rest.

The difficulty in the current market is that it is impossible to make decisions based on BTC alone. It is important to make a comprehensive judgment by observing each factor in a composite manner. Since monetary easing has temporarily ended, funds have been withdrawn from the market, and the U.S. dollar is strong, there is no need to rush into buying positions over a long time horizon. This is a phase to protect funds, not an offensive phase. (repost)


BTC Overview

↓ BTCUSD weekly candlestick chart

This week (12/19 – 12/25) was much less volatile than ever before, with very few short-term price breakouts. Therefore, we did not trade at all this week with respect to BTC.

Of course, as I stated in last week’s article, “as is my policy, I’m going to wait and see.” That is the premise. I will continue this policy next week.


↓ BTCUSD monthly candlestick chart

It is almost the end of December and the year 2022 is about to end. If you dare to take a position next week, you can take a long position toward the opening price, expecting a pin bar on this month’s monthly leg, but I do not recommend it since there is not much price range.

I will write about the next month and beyond in next week’s article as I find out the finalization of this month’s monthly leg.


US100 Overview

↓ US100 daily candlestick chart

The US100 has been a range-bound market this week. Setups will continue as they are and remain to be seen. The US100 is still in a downtrend from last week, but it looks like it may turn around at the lower end of the range, in the white support box. We will keep a close eye on whether the price stops here or goes further down. If it does, BTC is likely to follow it down.

This has little to do with BTC’s movement this week, but in any case, unless the US100 rebounds, BTC is unlikely to rebound either, so as I always write, we need to watch BTC as well. Another way to write this is that when taking a position in BTC, you also need to take into account the movement of the index.