BTCUSD - G20, FOMC March 21st, Death Cross and April tax season
Hi everyone,
Continuing BTCUSD update.
Continuing BTCUSD update.
- Trading volume is still ridiculously low for this market cap and is a bearish sign, as it means less people are interested. Less chance of rallies as traders patience fatigues.
- The purple vertical line is February 5th stock market sell off, which shows that crypto also went down at the same time at the same moment.
- BTCUSD is still below its 200MA and its downtrend line
- G20 meeting will crypto discussion on Monday and Tuesday about money laundering and fraud prevention.
- Wednesday US Fed meeting could raise interest rates, which could strengthen the USD, might not. Though rates are expected to rise 3-4x this year.
- Death Cross is when the 50MA crosses the 200MA, is a bearish signal as the short term trend crosses the long term trend. This could happen on March 21st or before March 23rd.
- LIBOR/OIS rate is past 2008 levels and could cause a rally in USD because of repatriation of US corporation cash being held outside of US. This is causes from the new Trump tax reform.
- Tax due dates are April 17th in USA and April 30th in Canada. People will have or should already received their slips from the exchanges/employers etc. This could put a lot of pressure on people to sell.
- Break below the up trend line (thick green line) could send bitcoin straight down to $3000 support level.
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Closer viewNota
Death cross is yellow transparent circleNota
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Update of how close 50MA and 200MA are gettingNota
SPX (yellow line) and DXY (orange line) fell today giving a boost to BTCUSD the last two days, which started Sunday night as you can see from the orange line. The inverse is happening of what usually happens when stocks go down. The dollar rises when stocks go down, pushing commodities down also, which didn't happen. Both gold and crypto rose. It's hard to tell what will happen to the USD on Wednesday, it could actually decline.Nota
US Dollar index is actually up at the same time as BTCUSD, this is a bad sign for Bitcoin and cryptos, as they are diverging. WTI oil is also up with USD.Nota
BTCUSD is above its downward trendline but still below 200MA. Needs to get above 9200 to hit 200MA.Nota
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Almost thereNota
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Very close nowNota
Finally got the death crossNota
Opps sorry ignore the above chart that is hourly...daily death cross hasn't happened yet, probably tomorrow...
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