BTC remains in the side channel

The BTC rate has been sliding smoothly down for the sixth session in a row, but it does it very gently and delicately, so the boundaries of the local “sideways” remain in force. On Wednesday, trading is at $23,022.

The daily BTC trading chart shows that strong resistance is still located at $23,500, and it is still not implemented. There are supports for $22,500 and $21,800. In the event that the market dares to go higher and gain a foothold above $23,500, the road to $24,200 will be clear.

At the moment, there is great tension between the United States and China.

This is reflected in the dynamics of the US stock indices – S&P 500 and NASDAQ, with which BTC has a correlation.

Today, investors will be waiting for statistics on business activity in the US non—manufacturing sector – the figures may upset, but this is normal, given the trend towards tightening monetary conditions by the US Federal Reserve.

Later, attention will shift to macroeconomic reports on the employment market in the States — first, a release on the number of jobs in the private sector from ADP is published, then key reports on the unemployment rate and NFP. There is no stable correlation between ADP and NFP data, but the first of the publications is quite capable of setting the tone for the entire period.