The extreme volatility seen within the cryptocurrency markets demands that traders and investors stay informed at all times about the latest technical and fundamental developments, which is why PrimeXBT offers daily updates.
Bitcoin’s move to fresh 2020 highs comes after Iranian missiles struck U.S. and coalition bases in Iraq, causing traders to reallocate capital into safe-haven assets such as gold and oil away from riskier assets.
In a considerably short period, the benchmark cryptocurrency has moved from levels not far above $7000 to highs of almost $8500. Gold and oil both surged as well, with the later jumping more than 4%.
The timing of Bitcoin’s rise supports the idea that the coin is the perfect hedge against fiat. As tensions continue to build, the world is in fear of a third world war and an economic crisis.
However, the current price action appears to be eerily familiar and nearly matches up perfectly with a fractal dating back to July 2018. If the fractal is legitimate and plays out, not only is Bitcoin’s current downtrend not over as many believe, but the worst may be still yet to come.
While there’s no denying the price action and indicator signals are eerily similar, there are a number of unique factors that could suggest that this time is different. A brewing war between the US and Iran could cause investors to rush into Bitcoin as a safe haven asset.
Watch closely for our future updates to be the first one to get well-timed trading signals!
Best of luck with your upcoming trades!
Bitcoin’s move to fresh 2020 highs comes after Iranian missiles struck U.S. and coalition bases in Iraq, causing traders to reallocate capital into safe-haven assets such as gold and oil away from riskier assets.
In a considerably short period, the benchmark cryptocurrency has moved from levels not far above $7000 to highs of almost $8500. Gold and oil both surged as well, with the later jumping more than 4%.
The timing of Bitcoin’s rise supports the idea that the coin is the perfect hedge against fiat. As tensions continue to build, the world is in fear of a third world war and an economic crisis.
However, the current price action appears to be eerily familiar and nearly matches up perfectly with a fractal dating back to July 2018. If the fractal is legitimate and plays out, not only is Bitcoin’s current downtrend not over as many believe, but the worst may be still yet to come.
While there’s no denying the price action and indicator signals are eerily similar, there are a number of unique factors that could suggest that this time is different. A brewing war between the US and Iran could cause investors to rush into Bitcoin as a safe haven asset.
- Resistance Levels: $8500, 8000
- Support Zone: $7930 - 7710
- Support Levels: $7848, $7115, $6612
- Market Cap: $142 562 842 326 USD
- Volume (24h): $24 312 635 219 USD
- Circulating Supply: 18 150 800 BTC
Watch closely for our future updates to be the first one to get well-timed trading signals!
Best of luck with your upcoming trades!
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Fresh 6H chart analysis, Update