In our daily chart, BTCUSD found that the price, which was gaining downward momentum after the second tightening, continued to accelerate further.
Overall we said the trend was upward. But things could change if we separately record closures below the$ 9800 and$ 9100 levels.
We have come fast to the lower band of our shrinking triangle and expect reaction purchases to come from here.
For the time being, we think the BTCUSD duo is moving loyally to the triangular form in our daily chart. Accordingly, if we look at the big picture, the price of the Fibo 78 met the moving average of the MA100 at$ 9,800. In this region, especially the four-hour chart, we will follow the work of creating support by doing a double dip.
With no support work, you can also see a comeback with sudden-response candles, with news to come. In this case we will see the resistance role of Fibo 50 or 38 levels.
We were expecting this downward movement in the BTCUSD parity. According to our daily trend, what should have happened. The triggering factor was the softening of the US side in trade wars between the US and China. Of course that was the first effect. In the aftermath, markets focused on the data.
The data does not give very nice signals that we have not yet deteriorated but the decline in US 10-year bond rates. It seriously contradicts the fact that the data is coming good. This contradiction evokes the idea that there is something wrong with the investor. That’s the reason for the incorrigible rise in gold prices.
Historic devaluations in South American countries, particularly Argentina, Chile, Brazil, whose economies have been in trouble in recent days, are also an opportunity for Bitcoin. People are forced to turn to different investment vehicles to maintain the value of their money at times like this.
The flow to safe havens can be accelerated as these countries lose their credibility with the image that things are going well in the United States, where they trade the most.