Something I'm wary of are geopolitical events under the hood. Past capitulations of BTC required that USOIL AND traditional markets to decline. So far, USOIL has not seen a capitulation, and a BTC bottom might not be confirmed until USOIL reverses and finds its bottom.
Macro indicator & misc. targets update: 6/03/22 Current Price: $29,700 RSI 3W: 2.7 points from bottom BB %B 3W: Bottom hit CCI 3W: Bottom hit CMF 10D: Bottom hit MFI 10D: Bottom hit 200W EMA: $27,100 - hit 200W MA: $22,100 - n/a 200W SMA: $17,700 - n/a 85% drop: $10,000 - n/a Recession/Major US war involvement: $4,000 - n/a
Bitcoin was created out of the ashes of the global financial crisis, it *should* do well in the face of another one; however, that's ultimately up for the people to decide. May the odds ever be in your favor.
its not that btc and oil are correlated sir. they are all correlated and there is other factors including war that have allowed oil to be out of the current correlation. So I would not mind this one being different. because it is for reasons
Ungovernable
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@Gunslinger2005, "its not that btc and oil are correlated sir" Indirectly they are. Here we stand at BTC dropping 50% and oil dropping 40% since this idea came out. I just spot patterns & hope history is a good indicator.
Craig-in-Naples
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One macro factor that has changed is that energy companies are now mining and in addition to bringing in additional revenue they've found new and creative ways to mitigate their costs with BTC mining partnerships. Not sure how to factor that in, but it is in play big time.