I would pay close attention to what happens in the US stock market here. It is very tightly correlated with BTC right now. Stocks are at a potential inflection point at the 20-day MA, with bad coronavirus and unemployment news continuing to come out:
BTCUSD rallied with stocks and has now hit a major resistance zone. This may have been our OTE retrace before more downside, with targets in the low $5,000s or upper $4,000s:
It really depends what traditional markets do. We could also be building out a new sideways range like this:
These unemployment projections are off the charts, truly unprecedented. According to the St. Louis Fed, the unemployment rate could reach 32% (47 million workers laid off) in Q2: https://www.usatoday.com/story/money/2020/03/30/coronavirus-unemployment-could-top-32-47-million-lose-jobs-fed-says/5091156002/
Somehow the stock markets remain buoyant, hovering near last week's highs, even as the death and unemployment projections get worse. Are we near an inflection point, on the cusp of a bearish reversal? Or will the relief rally continue?
Somehow the stock markets remain buoyant, hovering near last week's highs, even as the death and unemployment projections get worse. Are we near an inflection point, on the cusp of a bearish reversal? Or will the relief rally continue?
BTCUSD rallied with stocks and has now hit a major resistance zone. This may have been our OTE retrace before more downside, with targets in the low $5,000s or upper $4,000s:
It really depends what traditional markets do. We could also be building out a new sideways range like this: