BTC has just broken above the trendline that started at the right should of the recent head and shoulders top of June 26-27. Breaking above this line (blue) might be a sign that the recent ABC correction that followed the H&S is over. Also bullish is that this blue trendline forms part of a bullish triangle (also blue).
It looks like there is more than just crypto junkies moving BTC. The recent rise to $14,000 coincided with ECB monetary easing which pushed the Euro down, and similar expectations from the US FOMC which pushed the USD down. BTC then corrected over uncertainty of US-China trade talks at the then approaching G-20 summit, which affected the stock market too.
But since the start of this week, both the stock market and BTC have turned up. The truce in the US-China trade war has given the stock market confidence. Further bullishness comes from the lack of inflation in the US, which makes the FOMC more likely to lower interest rates, which will again push the USD down.
BTC is riding on a number of positive factors that include stagnant inflation and monetary policy that weaken fiat currency, a trade-war ceasefire that keeps stocks buoyant, and even the ramping up of the US 2020 election campaigning with Trump doing everything he can to make himself look good by boosting the stock market and weakening the USD as much as he can (which is why he is constantly pressuring FOMC chairman Powell to implement more stock-friendly policy).
BTC has a very strong wind blowing its way for at least until the US 2020 election. By that time, I'm betting BTC will surpass $30K.
It looks like there is more than just crypto junkies moving BTC. The recent rise to $14,000 coincided with ECB monetary easing which pushed the Euro down, and similar expectations from the US FOMC which pushed the USD down. BTC then corrected over uncertainty of US-China trade talks at the then approaching G-20 summit, which affected the stock market too.
But since the start of this week, both the stock market and BTC have turned up. The truce in the US-China trade war has given the stock market confidence. Further bullishness comes from the lack of inflation in the US, which makes the FOMC more likely to lower interest rates, which will again push the USD down.
BTC is riding on a number of positive factors that include stagnant inflation and monetary policy that weaken fiat currency, a trade-war ceasefire that keeps stocks buoyant, and even the ramping up of the US 2020 election campaigning with Trump doing everything he can to make himself look good by boosting the stock market and weakening the USD as much as he can (which is why he is constantly pressuring FOMC chairman Powell to implement more stock-friendly policy).
BTC has a very strong wind blowing its way for at least until the US 2020 election. By that time, I'm betting BTC will surpass $30K.