Good morning everyone and I hope you are all safe and sound in these turbulent times!
Let´s get back to some facts today to see what happened and what might happen. What we can see on a first glimps it becomes clear, that Bitcoin overall has bounces back into his comfort zone just above 6k and at the moment ranging here.
There are several things no that might play a role for the further development such as:
- Coronavirus - Bitcoin Halving - The MA200 on Weekly - Potential bearish retest of the former lead-line
Well, honestly I am very skeptic if Bitcoin will manage short-term to "pump" and surprise everyone, depending on today´s close, this current weekly candle is marking a "draw" between bulls & bears. But what I can tell you is the following:
I am not being bullish before the Yearly Pivot & the MA200 are accepted as Support again, anything else is just not enough at the current stage of the economic development to convince me of the opposite. It can go lower and a potential recovery will likely not happen over night. How low? Next support is waiting around 4.1k.
We are all sort of tapping in the dark on so many occasions. Stay safe everyone, stay home, wash hands, protect your loved ones.