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Forecasts of financial markets are the private opinion of their authors. Current analysis is not a guide to trade. ForkLog is not responsible for the results of work that may arise when using trading recommendations from the submitted reviews.
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Practicing trader and ForkLog Hub resident Pavel Gromov talks about the current market situation.
Another attempt to raise $ 10,000 did not lead to success. The five-digit price of Bitcoin pleased the eye for several hours, after which within a few minutes BTC reached $ 9000-9100, and on BitMEX it reached $ 8600.
The strait was quickly bought back, the price of bitcoin stabilized at $ 9400-9500, after which it rose to $ 9800.
Now Bitcoin is trading in the range of $ 9750-9820, the market capitalization is $ 277 billion. The BTC dominance index is 64.9%.
In traditional markets, the picture is the same: negative in economic indicators and international trade, as well as the rapid growth of the stock market. In particular, the S&P 500 reached three-month highs and came close to 3130 – the level of March 4, when the collapse in the stock markets began.
Judging by the graph below, the effects of coronavirus on the markets are almost overcome.
Data: Investing.com
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This is not true of the real economy. Pouring in money, buying out bonds with a junk rating and distributing funds to the public can quickly restore the stock market or raise Trump’s rating, as well as the bitcoin exchange rate, the issue of which is severely limited. But to restore the level of consumption, which is almost the main driver of the modern economy, is not so fast and not so simple.
Despite the fact that BTC once again could not resist above $ 10,000, the situation on the cryptocurrency market is not so bad.
FirstlyA drop below $ 9,500 was quickly bought back. Support was confirmed at the level of $ 9500, which has now become the lower limit of the trading range.
Secondly, Bitcoin has switched to systematic growth and has been trying to gain a foothold above $ 9,800 for more than 12 hours.
Thirdlyaltcoins support the growth of the first cryptocurrency. Bitcoin dominance has decreased, market capitalization is at the level of the end of February this year and continues to grow. Therefore, the priority is to move to $ 10,000 with a possible consolidation above this psychological mark. And then everything will be decided at $ 10,500.
What do the graphs say?
The price of BTC since yesterday is trying to gain a foothold above the upper limit of the range ($ 9400 – 9700). At the time of writing, Bitcoin is trading in the range of $ 9750-9770.
TradingView BTC / USDT hourly chart from TradingView
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Immediate support is at the level of $ 9730-9745. A narrowing range is formed in the form of a triangle with the prospects of going up to the marks in the range of $ 10 052 – 10 100:
TradingView BTC / USDT hourly chart from TradingView
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The triangle at the moment is only a hypothesis, since there is a possibility of a decrease slightly lower, to the levels of $ 9650-9680, for the next knocking out of buyers’ stops.
Cancellation of this scenario – consolidation below the level of $ 9650.
Recall, recently, Bloomberg analyst Mike McGlone said that bitcoin and gold are the main contenders for growth in 2020.
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