Hello.
So I've seen this news about El Salvador's president buying 150 Bitcoins and he said that you should zoom out to see why he bought it and I believe this is why:
First look at the Stochastic Oscillator and you will see that it was already overbought, so it was about time when it will crash a little bit again, then look at the chart and you can see golden cross where this green arow is pointing at.
What this means? It means up.
Also there's a reason why Bitcoin crashed and it is obvious - if you look at smaller scale, 1 day, exactly the opposite happened, it has reached death cross. That means down for a little while.
This is basic trading knowledge and I strongly believe it's not China that caused this, but simply Bitcoin's Moving Averages themselves.
Thank you for reading and happy trading.
So I've seen this news about El Salvador's president buying 150 Bitcoins and he said that you should zoom out to see why he bought it and I believe this is why:
First look at the Stochastic Oscillator and you will see that it was already overbought, so it was about time when it will crash a little bit again, then look at the chart and you can see golden cross where this green arow is pointing at.
What this means? It means up.
Also there's a reason why Bitcoin crashed and it is obvious - if you look at smaller scale, 1 day, exactly the opposite happened, it has reached death cross. That means down for a little while.
This is basic trading knowledge and I strongly believe it's not China that caused this, but simply Bitcoin's Moving Averages themselves.
Thank you for reading and happy trading.