Will Bitcoin finds new low this year?

Bitcoin bears couldn't pass through support point around $17600. Before that BTC bulls finds a wall in around $24000 area. Almost all major cryptocurrency is experiencing a bear market. Bull and bears remains to exchange punch around these area. In my opinion the strength of dollar will play a major part in the next BTC move.

Photo by David McBee

From a technical standpoint, last lower low BTC is right on 0.786 fib retracement. This level should be solid and last for a while. If Bitcoin continue to move downward, things could get really ugly for HODL-er.

US Dollar continue to thrive despite recession fears. Recent data release shows how the fed might induce recession to overcome demand issues the United States has. My advice for you who would like to hold any cryptocurrency is wait for next FOMC meeting or any clue we have from Jerome Powell. 

Market has been indecisive these past two weeks because of next rate hike possibility. Last week US ISM manufacturing PMI and non farm payroll (NFP) prints comes better than expected. These puts green candle on dollar weekly chart. In my opinion dollar will remain strong until next FOMC meeting.

Stay green!