What saved us in December 2019 was the strong 6.4k support, but will it hold forever?
If corona virus trigger recession and recession make Dow Jones fall under 15000 points, we will see fro sure sub $6400 Bitcoin. How strong trigger will corona virus be, we will see this month.
The Covid19 is not affecting Bitcoin price though, otherwise we shouldn't have seen any bullish run towards 10.5k, don't forget that the media started to broadcast about the virus in January, yet February was a great month for Bitcoin with a peak at 10.5k.
Coincidentally (so to speak, it was not a coincidence), 10.5k is a major resistance, failing to break above always meant we would visit below 8k again.
Downtrend still intact. Next: 7.5k, then 7.2k and more painful will be breaking below 6.4k
You are characterising the recent pricing as being in line with the decline from ATH. However there is a far better pattern that already played out and the 2019 high broke that trend, we already went through the scenario you are outlining and to rise from 3k this time last year has already refuted that old trend. At worst now we revisit that old trend to check if that trend line holds weight or not but its not happened so far.
It doesnt especially fit from what I see, lets first observe it failing to keep the rising lows since Dec 2018. If that fails, we got some greater negative on that wider view you refer to.
To be perfectly honest with you my friend, I didn't understand your post. It doesnt especially fit from what I see, lets first observe it failing to keep the rising lows since Dec 2018. If that fails, we got some greater negative on that wider view you refer to.