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Overview
Since the last week, the cryptocurrency market remains stable. Even The Labor Department reported Wednesday that the producer price index, which gauges final demand prices across hundreds of categories, fell 0.5% for the month. Dow Jones surveyed economists, who predicted a 0.1% drop. The monthly drop was the largest since April 2020. For the year, headline PPI increased 6.2%, the lowest annual rate since March 2021 and far lower than the 10% annual increase in 2021.
A new Indonesian law shifts crypto regulatory authority from commodities watchdog Bappebti to the Financial Services Authority (OJK), indicating a shift in the country's approach to police the industry and an awareness that it is more than asset trading.
The law, signed by Indonesian President Joko Widodo on 12 January 2023. It may end up affecting the country's unique designation of crypto assets as commodities like gold or coal, which Widodo's government was expecting to utilize to help the local economy just last year.
Bitcoin (BTC) keeps increasing to 9.11% for the last seven days. So does Ethereum (ETH) that also went up for 4.88% for the last seven days.
Bitcoin Price Prediction
Bitcoin (BTC) continues its move to the upside, breaking past $23,000 over Chinese New Year.
On weekly candles, BTC is pushing above 80 on RSI, suggesting that it is severely overbought even on longer time frames. Other technicals such as the 200-MA on the weekly and daily charts trend further and further below the current price as BTC continues upwards.
Today BTC starts the day at the lower end of its range that it has formed over the weekend, forcing MACD and other momentum indicators on shorter timeframes slightly into the oversold area.
BTC's short liquidations soared over the past few days, more so than previous pumps to the upside.
Ethereum Price Prediction
Ethereum swings strongly to the downside this morning as it breaks past multiple levels of prior support, find a strong price rejection at the previous swing high's support level @ $1,520.
ETH's RSI on longer timeframes (1D, 1W) are far into the overbought area, however shorter timeframes are seeing the most recent 5% swing down factored into its downwards movement.
Short liquidations are not nearly having prevalent in ETH, as there is not as much upside compared to BTC.
Expecting market to be very flat up until or around the Q4 2022 GDP announcement, before it becomes more volatile again. Recommended to stay clear coming into the end of the week, or trade with the expectation that markets will become more volatile soon.
Disclaimer
This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.
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