ridethepig | BTC Spot Commentary 2020.02.06

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Another strong bounce for BTC and all major Cryptos given the claims a cure had been found from Zheijan University. BTCUSD marching through 9600 to test 9750 is clearly carrying the solid demand over the past two days.

A capitulation leg is cooking in the Long-term diagram:

On the fundamental side, we can continue to ride the helicopter money from PBOC & Fed. Despite “solid” US data of course FED are keeping the printers on to help fund Whitehouse fiscal policies. Markets are underestimating just how bad the knock in confidence will be when this catches up and the likely impact this will have on BTC inflows. I continue to see this eventually heading towards fresh all time highs.

The flows remain towards: $13,500 => $16,000 => $33,000

It always boils down to the same situation; a complex swing which may look sound, but has one stick opponent. According to the technical rules, the damage was already done on the break.

As usual thanks for keeping your support coming with likes, comments, charts, questions and etc!
Feb 06
Comment: $10,000 in play for the NY open ...


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