BTC broke down from a 3 month consolidation. What now? I have seen a lot of bearish low target charts pop up on my twitter feed. There is a lot to unpack after moving out of consolidation, but I find there is still reason to be optimistic going forward.
Last week, the Federal Reserve cut the federal funds rate by 0.25%. This is the first rate cut since December of 2008. The Fed had been going in the opposite direction, increasing rates steadily since late 2015…
As most of you probably know by now, BTC is in a bull market. I dove into the criteria for what I think is a bull vs bear market in a previous post. We now have higher lows and higher highs on longer time frames. So, let’s focus on where the next spot to buy is. The 200-day moving average (DMA) is one of my favorite indicators of how the market is doing. If we look back at past cycles, when the price is above the 200-DMA we are in a bull market. Below is bear market. Since 2012, BTC has had two extended bull markets and two extended bear markets. We have now entered the third bull market.
So Trump did that tweet thing again last night. Not that I am surprised, but President Trump tweeted about his dislike of BTC and other cryptocurrencies. Perhaps that is the reason twitter was down hours before. Jack was updating their servers to be able to handle the massive tweet volume following this event.
As I am sure most of you know, the stock market hit all-time highs (ATHs) last week. Today it looks like it will close above the trend line resistance. I foresee that there will be a sustainable move to the upside in the coming months. This creates a “risk-on” environment and with that I expect most assets to do well, including BTC and cryptocurrencies. During my last blog post, I spoke about how the SPX looks poised to breakout and how if it did we would see BTC follow.
As most of you probably know by now, BTC is in a bull market. I dove into the criteria for what I think is a bull vs bear market in a previous post. We now have higher lows and higher highs on longer time frames. So, let’s focus on where the next spot to buy is. The 200-day moving average (DMA) is one of my favorite indicators of how the market is doing. If we look back at past cycles, when the price is above the 200-DMA we are in a bull market. Below is bear market. Since 2012, BTC has had two extended bull markets and two extended bear markets. We have now entered the third bull market.
So Trump did that tweet thing again last night. Not that I am surprised, but President Trump tweeted about his dislike of BTC and other cryptocurrencies. Perhaps that is the reason twitter was down hours before. Jack was updating their servers to be able to handle the massive tweet volume following this event.
Some of you might know me through my twitter @btcfeen.
From this point going forward, I will be writing my thoughts on BTC and crypto, posting analysis and charts, and hoping to get some community interaction. I have been through several full crypto cycles and have learned quite a bit going through them. I’ve been trading crypto full-time now for the past year.
