If you had not, well then, you may be in for a surprise...in a good way, of course. Bitcoin was back above 10K for the first time since October 2019. More importantly, it is also back over the 200-day MA. That’s notable because, as Tom Lee of Fundstrat put it earlier this week, anytime BTC has broken the 200-day MA, it’s gone on to record an average 197% gain over six months. We’re up over 40% since the start of the year, meaning if there is anything like a 197% gain on the cards, we ain’t seen nothin’ yet.
Of course, it’s impossible to deny the connection between Bitcoin’s strength and that of traditional markets like the Dow Jones and Nasdaq. The stellar performance of those markets seems to be adding fuel to the fire in crypto, but what’s really going on behind these strong markets during a time of turbulence?
Markets Are Rallying on Turbulence
Western markets, particularly those in the US, are experiencing strong rallies since the Coronavirus made itself truly known in China. One would expect the opposite effect — that disruptions to the usual flow of capital, so tied in with China, would fuel major problems for globalized businesses worldwide.
That’s true, but it is only a fraction of the picture. Many see this moment as a turning point in the global balance of supply chain logistics. As businesses have to rely so strongly on China for nearly every step in the supply chain, the disruption caused by the current pandemic has shown businesses the dangers of keeping all their eggs in one basket. It’s prompted many businesses to consider — and put into practice — moving jobs back to the businesses’ country of origin. However, the initial euphoria being experienced in markets may give way at any moment to the true economic reality being painted by the pandemic and effective closure of China, the world’s #2 GDP economy. Bulls may be pushing markets higher now knowing full well that a China-led global recession may be in the cards.
Be that as it may, Bitcoin is tagging along for the fun.
Bitcoin — An Asset for Turbulent Times?
This leads us back to the million-dollar question.
Is BTC a safe-haven asset?
We view the current scenario as one testing the mettle of that belief. Should Bitcoin continue prospering even as global pandemonium increases, then we’ll have to side with yes as an answer. Again, BTC hasn’t had to face a true recession or widespread market downturn on the order of the dot-com crash in 2000. So, as the volume on havoc turns up, keep watching to see how Bitcoin reacts, especially with the halving at hand and the reality of digital gold coming closer to hand.
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Did you think we were gone?
Today, there is the State Of Fear how can we "SEE". The Fear and uncertainty in the markets. However, this is typically seen with declining. How is fear seen?. My frailty as a human has shown itself a sign of it eat them like cancer.
Often times you will encounter people who will cause you to doubt your own development. This can be due to seeing their false image stunts or ridiculous drivel about trading methods. See that you mind your own business always. Life has an uncanny ability to present distractions. Even when you didn't ask for their opinion. Why would someone who doesn't know what you are learning to be concerned with your development, to begin with? Keep the focus on your task... improving from where you were yesterday.
You see the proof... you witness the evidence. Give no time to fools. Energy and time wasted on the unlearned who stay in doubt or envy is a terrible drain on your productivity as a student. I don't care who they are or what they say... I remain... and so shall you.
Patience is the greatest virtue needed to be a successful trader!
It is easy to interpret the charts. But very difficult to understand the human mind.
Are we here at seeing a world different from everyone else?
What is the right way? Looking for relevant timeframes, with patience and planning, NO DESPERATION.
If you want to win in this market, you need to be COLD and CALCULIST!
I am not Bearish long term. I am a Bull of Bulls.
To the Moon is too close, go BEYOND! I am anti-establishment! Long Bitcoin, Short the Bankers!
Nothing is hard as long as the determination is there.
I see you in 20k
We go together Together we are stronger Share and like
God bless you!
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>> HALVING Stats << Stock/flow 1d/365d: 27 / 25 Stock/flow price 1d/365d: $9.683 / $8.310 Actual price: $9.594 Mined BTC: 18.227.738 Mayer multiple: 1,08 Days to halving: 79 Pow law osc: -0,05 Dormant BTC >10y: 1.192.898
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ZOOM IN:
Something interesting is happening on the chart. The Line "GANN FAN" act with STRONG RESISTANCE.
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Weak hands fell!
Think about it!
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If you think my analysis is useful, support me with a simple "LIKE". Thank you
Any reason you are using Bybit Chart vs BLX chart or an exchange with more History like Bitstamp?
ferGOD
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@VeeChi, Yes. The manipulation! Bybit is the best today. Solid candle readings! BITMEX is dirty!
In order> BYBIT> Bitstamp> Coinbase
TheCryptAlpha
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Bro sAYS WHO? are you you can't even spell right.
PonziTycoon
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Your chart is cartoonish and ridiculous. Enjoy losing all of your money buying the top.
PonziTycoon
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@TelecomTycoon, Notice the blue descending channel is the overall downtrend that bitcoin is in since 2018. And where did we stop? I drew that channel back in 2019 to figure out where the 14K top would be, if you need a hint.