There is a pin bar on newspaper bitcoin (BTC) daily chart on The day when the price went up new its highest levels in the second quarter of 2023 of $31,000.
Bitcoin pin bar shapes in daily chart
per bitcoin candlestick order on On April 14, prices posted lower, bouncing back from the highs in the second half of 2023 as the uptrend lost momentum and sellers held back the rally, rejecting higher the prices.
Subsequently, a pin column formed, indicating severe filter pressure, especially during New York session.
The pin bar is a candlestick with A long upper or lower bar usually forms when prices are falling back of local highs or lows.
Graphite painters connect the pin bar with Local peaks or troughs. In the current formation, bitcoin Prices are retreating from their highest levels in April of $31,000 Although traders were optimistic, expected more gains in Subsequent sessions.
expansion from current It may mean forming bears around cornerand the current bull run It may be coming to an end.
Although a pin bar is formed in this critical shaping, that should Note that bitcoin the prices remain Highly volatile and mostly flat on the close of business Week 15 of 2023.
currently, bitcoin The candles are still lined up along the upper BB, which indicates that the uptrend momentum is strong.
Also, the difference between the upper BB and the middle BB, i.e. 20 days moving middle, points for high volatility. Furthermore it, general trading sizes, index of Participation is low and nowhere near as active of Mid-March 2023.
US economic data support dollar
volatility of BTC prices may be due to the influx of economic data out of United State.
On April 14, the last data shows That retail sales, an indicator of Consumer spending is, therefore, a guide of contracting hypertrophy more 1% more than expected. in March, lower than the estimated -0.4%.
However, an elementary university of Michigan consumer sentiment revealed that consumers surveyed were confident of What lies ahead.
Usually a file more Consumers are confident in Their financial resources, is positive for consumer expenses; variable can also inflation effect.
US consumer for the month of March price Index (CPI) in weak. inflation data from bureau of Labor Statistics (BLS) showed that inflation in March shrink a lot in Line with economists’ forecasts.
Although the US index briefly fluctuated during New York sessionbulls soon took Shipping and pressure asset Lower prices.
At the moment, the dollar continues to outperform most currencies and commodities, incl bitcoin And gold prices are likely to close lower on April 14th.
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