New horizontal trading period?Hello Hello wonderful person!
I have never been so: excited, eager, anticipating and disappointed at the same time;since..... I saw the last Jedi on the cinema.
This market is really putting on a roller-coaster of emotions in me, and I have been in crypto since 2016; so I have been on a couple of roller-coasters :)
Most of the countries hit by the covid-19 breakout have now started of planned to start HUGE monetary actions to keep the markets running and enabling companies to hold on to their employees.
Now, how this looks like in detail will depend on each country policy.
However, there is probably one common denominator: printing a sh*** load of money.
There are in times like these that assets such as gold is more or less "safe-haven", and where does that put "digital gold" BTC?
No one really knows, cause it has never happened before like it has now.
Changes on the chart:
- Added new support line at the current price range 5795 EURO
- zoomed out to show former tested points on that price range.
- Coloured the other support and resistant lines blue and red, to better differentiate the new support or resistant line at 5795 (remains to be seen).
What now?
The current price range is hovering around a well tested level, and last time we went there was in 2018; whilst we traded horizontally for 3 or so months before dipping down to around 3000 EURO area.
We might start trading sideways in the same window and almost same manner.
BUT personally I do not think these resistant and support lines will hold for long time.
The reason I say this is that this increase in price, comes awfully close to the news of monetary action/help from countries, before we even have seen the real results of it.
I believe that the worst toll on the market from this pandemic outbreak has not yet been seen, and we still have more market fall to see in this year; maybe start seeing more of this in 2-3 months.
On the other side of this, we have the money press at full speed. This would probably make gold and other valuable assets go up in price, and BTC might go up along with them (since it is decentralized and not connected to any other assets or currencies).
If I were to guess a time span on this to happen, it would probably be more in summer or early fall this year. Depending on how successful the monetary actions from different countries will be,
So what I am doing in all this?
Trying to be cool, with a little more of my savings into an exchange, and ready to fire off those buy orders.
PS
I just sold some STEEM to book profits, and to have some BTC ready that is held for buying some ETHER.
As always, stay safe out there and use your logic, not your feelings when trading
