This popped out to me last night as I was looking at the large timeframes looking for any new development in RSI bullish divergence from the last drop, in comparison to prior lows at the end of 2019.
We are simply bouncing off a long support line since last year. Making larger swings to the upper resistance which runs back as the past support from last years high...
So this could mean; 1. We are in some type of descending broadening wedge and are hopefully going to pull some bullish divergence and head up due to this financial crash, the halvening taking effect, and ppl needing a safe haven for the currencies turning to mans worst invention. (I am gambling on this, all inn) OR 2. We are simply fooked and going to break this support and thats this idea over with, switch to gold safe haven.
btc was very much correlating with the s&p 500. and THAT doesn´t look good. bt and sp500 will maybe jump up in short term. but in the long run , sp500 will def. be f...ed. gold is quite safe. silver. thai baht maybe? what about all those countries who have covid19 under control? after i have seen that people took out their money from btc to have liquidity (rent, workers, etc etc, or to rebuy low on the stock market), I sold a lot too. waiting what is happening....
johny_button
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@ttk100, honestly will call this the bottom if we get bullish divergence on a large timeframe after 1 more drop to re-test levels in coming week(s). I cant see BTC going anywhere, financial systems are just starting to crumble (BAHT is just another currency) & this is actually easier to access then gold...try ask your friends how to buy gold, it isnt that easy & it will take days...my recent thinking is if they want BTC they will Goolge it, and have it set up + acquired within 12hrs