BTC & EURO are very correlated because if the EUR goes up the USD goes down and consequently BTC goes up. This week I expect more losses for the EUR and BTC because of the parabolic moves of US10Y notes. (bonds) The fed has an announcement today and I dont know what they will announce but I bet they do everything to protect their dollar. In my chart you can clearly see that when the Euro surges; BTC does so aswell. For the middle / short term I dont expect a recovery from the euro. This is because European bonds have negative yield and are as valuable as toiletpaper, this means more selling of EU bonds and more buying of US bonds. This will only strengthen the dollar even more; this could lead to a short (!) bear market for BTC and the Euro.
In my opinion to continue the bull run in crypto we need a correction to cool down NUPL, Thermocap (etc) and to get smart money onboard. Smart money is not buying the top, we need smart money because we are all broke and will not move BTC anywhere up... Remember BTC is a grown up asset now and we need almost a trillion to get it to 100K and no thats not coming from you or me.
BTC current: 57420 Short term target: 54100-53350 (next 48hrs) Mid / short term: 50900-5100 (before 27-03-2021)
Eur current: 1.1889 Short term target: 1.1789 (96hrs) Mid term target: 1.134 (before end of April)
Dont hate corrections, they are healthy and you can actually buy BTC cheaper. ;)
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BTC current: 57420 Short term target: 54100-53350 (next 48hrs) Mid / short term: 50900-5100 (before 27-03-2021)
Eur current: 1.18899 Short term target: 1.1789 (96hrs) Mid term target: 1.134 (before end of April)