BITCOIN Important Bounce
Last weeks price movement (ending on March 1) closed on the 20 week moving average. Historically, if price fails to break below the 20SMA then this signals the beginning of a bull market.
Before the last halving we had a similar scenario:
There is still a good chance price will move lower though. On my daily chart, price is moving to the bottom of my long term trend line. I wouldn't be surprised if the price dips to this level (~$8000).
Meanwhile, the US stock market is collapsing on what started as COVID19 fears (or the realization this virus will, and has already, disrupted supply chains in our fragile economy). The US yield curve is inverting again with some bonds trading at record low yields. The FED is expected to come out and cut rates again. Showing how little to no control the FED has over it's monetary policies. All while Bitcoin moves uncorrelated to any of this.
Before the last halving we had a similar scenario:
There is still a good chance price will move lower though. On my daily chart, price is moving to the bottom of my long term trend line. I wouldn't be surprised if the price dips to this level (~$8000).
Meanwhile, the US stock market is collapsing on what started as COVID19 fears (or the realization this virus will, and has already, disrupted supply chains in our fragile economy). The US yield curve is inverting again with some bonds trading at record low yields. The FED is expected to come out and cut rates again. Showing how little to no control the FED has over it's monetary policies. All while Bitcoin moves uncorrelated to any of this.
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