I am calling a Long between 5.5k and 5.8k if BTC drops in the next week. If BTC crashes below 4k level (bearish long term) I think then the halving will cause a drop in hash rates and further destroy BTC because no more miners will enter the market amidst this upcoming global recession.
BTC did not act as safe heaven because large financial institutions own bitcoin in large amounts. This, for the time being, is making BTC value relatively dependent on the outlook of the current monetary system just like the stock market.
BTC did not act as safe heaven because large financial institutions own bitcoin in large amounts. This, for the time being, is making BTC value relatively dependent on the outlook of the current monetary system just like the stock market.
Note
Right now BTC
USD@6600 seems to be the support we are testing. Within a few candle sticks we can expect some extreme volatility. If broken the next support is all the way down at BTCUSD@5500. If in that case markets turns bearish it would be essential for bitcoin to aggressively bounce off of this support line in order to keep up the bullish trend we saw start after the COVID19 market crash.Note
As I predicted 30 minutes ago: "Within a few candle sticks we can expect some extreme volatility." - lets see if the second part will come true: "If broken the next support is all the way down at BTCUSD@5500. "
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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.