How? You say.
As you can see there are two charts. The top chart is BTC against the M2 Money Supply, which in my opinion is a better indicator as it measures Bitcoin against the Dollars strength rather than the dollar itself. The bottom one is just BTC/USD which shows that BTC did actually hit $12200 approx.
What does this mean?
It means that the current US Dollar is not the same Dollar today as it was 4 years ago. Think of the dollar as a different colour.
For example:
This chart is showing me that our current level of $19700 valued BTC is the same value as $13300 valued BTC from back in the summer of 2019. This is important to understand because people really forget what damage inflation can cause.
So Bitcoin already hitting the support that was on everyones radar, what happens now?
I think Bitcoin sweeps the lows one more time around 18k and personally don't expect it to make new lows. I'm pretty bullish about the situation I guess but will see if I'm right or wrong. You can see I'm bullish from my other posts where I use MA's to explain what direction a market will go.
Anyways all ideas are my opinion. Good luck everyone, stay safe.
BTCUSDT
As you can see there are two charts. The top chart is BTC against the M2 Money Supply, which in my opinion is a better indicator as it measures Bitcoin against the Dollars strength rather than the dollar itself. The bottom one is just BTC/USD which shows that BTC did actually hit $12200 approx.
What does this mean?
It means that the current US Dollar is not the same Dollar today as it was 4 years ago. Think of the dollar as a different colour.
For example:
This chart is showing me that our current level of $19700 valued BTC is the same value as $13300 valued BTC from back in the summer of 2019. This is important to understand because people really forget what damage inflation can cause.
So Bitcoin already hitting the support that was on everyones radar, what happens now?
I think Bitcoin sweeps the lows one more time around 18k and personally don't expect it to make new lows. I'm pretty bullish about the situation I guess but will see if I'm right or wrong. You can see I'm bullish from my other posts where I use MA's to explain what direction a market will go.
Anyways all ideas are my opinion. Good luck everyone, stay safe.
BTCUSDT
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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.