Bitcoin has continued to whipsaw in the last 48 hours, sitting right on its 200 day moving average this morning. It has made an interesting pattern underneath the 200 hour moving average where it appears as a technical resistance level.
Volumes are fairly low, and there has been no response to the huge move in the US Equities, or in the recovery of the Gold price.
There are some juicy technical trades in the asset, potentially taking out the swing-low double-bottom (red arrow) before forming a bottom (point 1,2,3,4) before having a proper run at the 200 day moving average.
Ethereum has a similar setup in it at the moment, as do other major top 5 coins.
Besides the top 5, Algorand is still on its run, almost back to 40 US cents per token up 6.4% and Tezos has got up 7%. Chainlink continues to creep higher, getting to $4.69 as the 11th largest coin.
- Potential rounding bottom forming in Bitcoin
- Volatility in traditional markets appears to have stopped affecting digital assets
- Some strong moves in alts independent of Bitcoin – new money coming in?
The markets bounced back from the threat of the coronavirus overnight in a huge S&P move back above 3100. Gold had recovered from its drop, which was likely driven by risk changes in banks/funds and oil edged a little higher, relatively unaffected by the potential issues in Syria.
It looks like the political maneuver worked to put Burisma Biden in front of the American people as Democratic candidate. Some clever numbers and politicking must have gone on behind the scenes, including the Bloomberg run which, as unfathomable as it seems, must figure into the genius somewhere.
Bernie Sanders supporters will be righteously indignant at their man being put outside by the powers that be twice, which will likely assist to get Trump elected but avoids having a socialist in the White House.