03.10.202218:55 Forex Analysis & Reviews: The US senator recalled the protective function of bitcoin.

On the 4-hour TF, it is even better to see that recently, bitcoin has been moving exclusively sideways, with minimal volatility and exactly along the $18,500 level. Thus, the descending channel and the descending trend line may be canceled in the near future if the flat does not stop. Recall a similar situation on the 24-hour TF: the price is in a side channel, and the trend line "presses" it from above. But what can you do if the $18,500 level is "reinforced concrete"? However, traders should not panic. It should only be remembered that when opening any positions, you should wait for a trading signal. So far, there are none, so why take the risk of entering the market, trying to guess the future direction of "bitcoin"? If the price is fixed above the descending channel, this will already be a buy signal. However, only if the consolidation does not occur in the flat. But since a flat is inevitable from time to time, such periods should be waited out. Unless, of course, you are an adherent of aggressive trading strategies.

At the same time, Senator Cynthia Lummis said that bitcoin could become a "salvation from inflation" for American citizens. She expressed concerns about the growing public debt and high inflation, urging people to buy bitcoin, which can help protect investors from the collapse of the dollar and the depreciation of money. Lummis, who has repeatedly expressed support for digital assets, said that cryptocurrencies are no longer in danger since governments cannot simply take them and confiscate them. "In my native Wyoming, people are forced to go to food funds. They need gasoline to get to work. They have to choose between buying fuel and food. The dollar value is falling, and now people can buy half as much food as before. Pay attention to digital assets that will help protect against the rapidly depreciating dollar. I am glad that Bitcoin exists," Cynthia said.

Lummis' words should also be treated with skepticism, as should Kiyosaki's proposals. First, the dollar is not depreciating at the same rate as Lummis says. "Twice" is not true; inflation is only 8.5%. Second, the American population is not Zimbabweans, who probably have to choose between fuel or food. Third, there are no guarantees that Bitcoin will start growing in the near future. The Fed continues raising the rate and reducing the money supply under the QT program.

In the 4-hour timeframe, the "bitcoin" quotes completed an upward correction. We believe the decline will continue in the medium term, but we must wait for the price to consolidate below $17,582–$ 18,500. If this happens, the first target for the fall will be the level of $ 12,426. The rebound from the level of $18,500 (or $17,582) can be used for small purchases, but be careful – we still have a strong downward trend.