23.9.2020 - Bitcoin (BTC / USD)Hi Traders!
In today's analysis, we will look at BTC / USD. We have seen a significant drop in recent days, so you will definitely be interested in looking at the overall situation.
When we look at this chart and think about world markets, we think Bitcoin got into a bull-run. We are above the trendline, above MA21 and we have been creating higher lows for several months now. We must also not forget the halving and previous cycles. In terms of technical analysis and market cyclicality, we are therefore in a bull-run.
Warning! However, this does not mean that the price cannot fall. COVID and the March slump in the markets caused Bitcoin to significantly copy the S&P500 index. Bitcoin and cryptocurrencies are therefore also clearly linked to movements in world markets. If we only look at the analysis and fundamentals of Bitcoin, we are clearly bullish. However, if we look at the markets globally - if the S&P500 falls, then it is highly likely that Bitcoin and the entire cryptocurrency market will also fall.
You can see 2 strong supports marked on the chart:
1. Level at USD 8,098 - 8,810.
2. MA200 - on the weekly chart, it is the strongest MA, which caught us on the bottom on USD 3,000 and 4,000. It is currently worth approximately USD 6,600.
May the crypto be with you!
