Taking a long view here to make sense of the recent movements in Bitcoin as COVID grips the markets. We are at an interesting price at the moment, you can see this level was the support back in late 2019, as well as late 2018 before the big 50% drop to the lower 3000s. We have some minor support at the 5700-5800 level, as well as downward channel support at the 4500 level.
The entirety of the crypto market seems to be correlated with equities in some fashion, so I suspect we will be in a short-term bear market as equities continue their correction. I definitely think we could retest the lows of the mid-lower 3000s, especially with the coming financial apocalypse that is gripping the globe. If we fall through that support, I could see BTC going way lower, but I do not see that as a possibility given the halving coming up, as well as global inflation due to all of the fiat money printing.
This seems like a good sell point for now, until it drops and we wait for another opportunity. I wouldn't place too much into the 5700-5800 level, as that support will be broken easily if there is high volume. If the price falls into the 4000s again, we could see some nice upside.
Good luck out there!
The entirety of the crypto market seems to be correlated with equities in some fashion, so I suspect we will be in a short-term bear market as equities continue their correction. I definitely think we could retest the lows of the mid-lower 3000s, especially with the coming financial apocalypse that is gripping the globe. If we fall through that support, I could see BTC going way lower, but I do not see that as a possibility given the halving coming up, as well as global inflation due to all of the fiat money printing.
This seems like a good sell point for now, until it drops and we wait for another opportunity. I wouldn't place too much into the 5700-5800 level, as that support will be broken easily if there is high volume. If the price falls into the 4000s again, we could see some nice upside.
Good luck out there!