Bitcoin Down 8600, Gold Up, Trump Speaks Coronavirus 😷:
Bitcoin ‘GOLD 2.0’ Overview: As we type President Trump is talking Live regarding Coronavirus quoted ‘could get fairly considerably worse’ you just need to take this into account when trading these markets and the outcome on the entire economy. Now, moving on to the charts with a bit of Technical Analysis
Bitcoin has broken down to 8700 through the lower channel line. Interesting drop considering we tested what was support now resistance at 9100 with a slight bounce and then the move further down. Price action will be interesting for the rest of this week and up to you to decide if this is a case of ‘Buy the Rumour, Sell the News’
Next major support is 8400, we will leave the downward channel in tact as bulls may build some pressure and bounce off the region at 8000-8400. Overall Bears are taking control here.
Support Levels: 8400 is Support
Resistance Levels: 9100 turns back into the Resistance area
Channel of Interest (marked with the yellow rectangle) The channel is broken to the downside, we will be leaving this here as now the base line acts as a trend line for price to use as resistance. If price moves back within this channel the pressure is still down until the top has been broken through by price.
🐃Bulls Verse Bears🐻
Bullish above 10500
Bearish below 6500
Bitcoin to Date:
Overall
Approximate Bitcoin Dominance: 64.3%
Approximate Bitcoin in Circulation: 18,239,213 BTC
Approximate Bitcoin Left to Mine: 2,760,788 BTC
Road to 21,000,000 Bitcoin Mined: 86.85%
Approximate Days Until Halving: 75-76Days
Daily
Current Price: $8672 USD
Daily Change %: -5.5%
Market Cap: $160,811,488,770.00 USD
24 Hour Volume: $50,353,329,874 USD
Population of the World: ~7,767,138,700+ humans
Bitcoin/World Population: ~ 0.002348253804197 Satoshi’s / $20.36 USD per person
Trading Quote
‘Something like bitcoin is really important because it is not correlated to the rest of the market.’Chamath Palihapitiya
GOLD: $1,644.45 USD +4.45 +0.27% Gold has fallen $4 USD within the day.
Bitcoin has broken down to 8700 through the lower channel line. Interesting drop considering we tested what was support now resistance at 9100 with a slight bounce and then the move further down. Price action will be interesting for the rest of this week and up to you to decide if this is a case of ‘Buy the Rumour, Sell the News’
Next major support is 8400, we will leave the downward channel in tact as bulls may build some pressure and bounce off the region at 8000-8400. Overall Bears are taking control here.
Support Levels: 8400 is Support
Resistance Levels: 9100 turns back into the Resistance area
Channel of Interest (marked with the yellow rectangle) The channel is broken to the downside, we will be leaving this here as now the base line acts as a trend line for price to use as resistance. If price moves back within this channel the pressure is still down until the top has been broken through by price.
🐃Bulls Verse Bears🐻
Bullish above 10500
Bearish below 6500
Bitcoin to Date:
Overall
Approximate Bitcoin Dominance: 64.3%
Approximate Bitcoin in Circulation: 18,239,213 BTC
Approximate Bitcoin Left to Mine: 2,760,788 BTC
Road to 21,000,000 Bitcoin Mined: 86.85%
Approximate Days Until Halving: 75-76Days
Daily
Current Price: $8672 USD
Daily Change %: -5.5%
Market Cap: $160,811,488,770.00 USD
24 Hour Volume: $50,353,329,874 USD
Population of the World: ~7,767,138,700+ humans
Bitcoin/World Population: ~ 0.002348253804197 Satoshi’s / $20.36 USD per person
Trading Quote
‘Something like bitcoin is really important because it is not correlated to the rest of the market.’Chamath Palihapitiya
GOLD: $1,644.45 USD +4.45 +0.27% Gold has fallen $4 USD within the day.
Comment:
Break to the downside, nice retrace and hit of the lower channel trendline...
