BitcoinLong
BTC - Bullish On Currency Weakness
BTC is at the apex of 2 triangles (longer blue and shorter yellow) and seems likely to break soon. In which direction? I think it will be up toward the longer resistance line (purple) where it will pause a bit and then rise beyond.
My reason is the downside pressures on both the Euro and USD. Yesterday (June 18), ECB president Mario Draghi announced further stimulus efforts which weaken the Euro. Then today (June 19), the US FOMC announced no interest rate cuts but removed the key word "patient" from its report. Other wording in the statement has increased the likelihood of at least one quarter-point rate cut or even two such cuts over the next few months. This, of course, weakens the USD.
So on both major fronts, BTC looks good to appreciate in value if only because of the depreciation of the Euro and USD.
My reason is the downside pressures on both the Euro and USD. Yesterday (June 18), ECB president Mario Draghi announced further stimulus efforts which weaken the Euro. Then today (June 19), the US FOMC announced no interest rate cuts but removed the key word "patient" from its report. Other wording in the statement has increased the likelihood of at least one quarter-point rate cut or even two such cuts over the next few months. This, of course, weakens the USD.
So on both major fronts, BTC looks good to appreciate in value if only because of the depreciation of the Euro and USD.
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