Overall Analysis of Bitcoin - Update of August 19th's Week
Fundamental: Earlier this week as the stock market took a horrific tumble over weakening macroeconomic fundamentals, fears of a recession sprang up as an economist focused on an inverted yield curve on treasury bonds.This week the slope on US Treasury bonds became inverted and for economists and market analysts, this is typically an indicator that a recession could be on the way. At the same time, Gold has continued to rise in price and many investors believe that Bitcoin is a similar store of value and hedge against volatility.
Technical: Bitcoin fell by 1.36% today. After struggling to hold above the $11,000 point earlier this week, Bitcoin price, at last, succumbed to selling pressure and dropped below $10,000 for the second time in three weeks. Prior to the drop, numerous analysts predicted that $10k would serve as a reliable bounce point as the price represents important psychological support.
Advise: Stay Bullish and buy any Lowe points while we don't break downside 9600.0
Technical: Bitcoin fell by 1.36% today. After struggling to hold above the $11,000 point earlier this week, Bitcoin price, at last, succumbed to selling pressure and dropped below $10,000 for the second time in three weeks. Prior to the drop, numerous analysts predicted that $10k would serve as a reliable bounce point as the price represents important psychological support.
Advise: Stay Bullish and buy any Lowe points while we don't break downside 9600.0
Trade closed: stop reached:
Maximum profitability : 1.5:1
Stop loss reached : Breakeven
Stop loss reached : Breakeven
