BTCSUSD is moving within this wedge with a major resistance around $8200. If it continues moving within this wedge, there could be a potential breakout around May 28th/29th. I believe it will most likely break to the downside since BTCUSD is due for a decent correction before continuing its longer term bull run from here. I agree that crypto-winter is over with the flood of positive news engulfing the market as of late. Of course, I could be totally wrong here as BTC has proven many analysts wrong over the last two months.
And there are fundamental drivers here; with the US/China trade relations deteriorating over the last few weeks along with China's struggle to manage its massive debt, we may see China's yuan subject to devaluation, which would drive up inflationary pressures in China. This may push many to want to preserve their wealth in Bitcoin, that is, if Bitcoin is the new gold.
And there are fundamental drivers here; with the US/China trade relations deteriorating over the last few weeks along with China's struggle to manage its massive debt, we may see China's yuan subject to devaluation, which would drive up inflationary pressures in China. This may push many to want to preserve their wealth in Bitcoin, that is, if Bitcoin is the new gold.
Note
Looks like we're creating lower highs and higher lows in this wedge...breakout date potentially Mon 5/27
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.