Just a wild guess, I think bitcoin could need some consolidation soonTM but the upcoming halving should bring way higher prices over the next months.
Need to monitor and adjust as the events unfold
en.bitcoin.it/wiki/Controlled_supply
Need to monitor and adjust as the events unfold
en.bitcoin.it/wiki/Controlled_supply
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price range of previous halving years 12month bars
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zoomed in on daily
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intraweek rsi is retesting the old high
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btc dumped lower than expected and found support near the weekly ma20, daily ma200 and forming a possible parallel channel.
The ma20 weekly has often been support during bull markets as marked in the chart.
This time there is a lot of panic in the global markets due to the coronavirus pandemic.
I would expect bitcoin as a hedge to this disaster but seems like people not yet believing in it. Maybe everybody waiting for somebody else to buy/hedge first? Or until central banks step in to rescue the stockmarket with more QE and lower rates?
It will be interesting to see if bitcoin can become the global neutral independent sound money we need for a more stable financial system. Printing money and inflating asset prices cant be the long term solution.
The ma20 weekly has often been support during bull markets as marked in the chart.
This time there is a lot of panic in the global markets due to the coronavirus pandemic.
I would expect bitcoin as a hedge to this disaster but seems like people not yet believing in it. Maybe everybody waiting for somebody else to buy/hedge first? Or until central banks step in to rescue the stockmarket with more QE and lower rates?
It will be interesting to see if bitcoin can become the global neutral independent sound money we need for a more stable financial system. Printing money and inflating asset prices cant be the long term solution.