Hey tradomaniacs,
technically we see a breakout and retest scenario in the daily-chart of Bitcoin.
If the support-zone holds and the re-test is done we oculd see another strong iompulse to the upside and so a bullish scenario.
Some of the pre-conditions are generally a risk-on-mood. Previous sell-offs have shown that Bitcoin is not really considered a safe haven due to the high demand in GOLD while Crypto suffered with equities.
One of the reason is that Bitcoin is part of the classic financial market in form of ETFs and so on... so there is a very strong correlation of crypto and equities / indicies.
If the risk-off-mood in equities ends and the weekly key-support-zone of SPX500 holds we might see another rally. This is showing confluence in terms of intermarket-correlations and provides a great chance to buy if confirmed.
Still we have to be very cautious qas we dont know how the market reacts to further news from Ukraine aswell as the tight monetary policy of the FED.. Higher rates or rate-campaings were mostly causing recessions in the past.
Let`s see what happens =)
technically we see a breakout and retest scenario in the daily-chart of Bitcoin.
If the support-zone holds and the re-test is done we oculd see another strong iompulse to the upside and so a bullish scenario.
Some of the pre-conditions are generally a risk-on-mood. Previous sell-offs have shown that Bitcoin is not really considered a safe haven due to the high demand in GOLD while Crypto suffered with equities.
One of the reason is that Bitcoin is part of the classic financial market in form of ETFs and so on... so there is a very strong correlation of crypto and equities / indicies.
If the risk-off-mood in equities ends and the weekly key-support-zone of SPX500 holds we might see another rally. This is showing confluence in terms of intermarket-correlations and provides a great chance to buy if confirmed.
Still we have to be very cautious qas we dont know how the market reacts to further news from Ukraine aswell as the tight monetary policy of the FED.. Higher rates or rate-campaings were mostly causing recessions in the past.
Let`s see what happens =)
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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.