The first quarter of 2020 is being somewhat complex for financial markets, on the one hand the volatility and protectionism of capital in relation to COVID-19, on the other hand an economy that far from growing has contracted.
Bitcoin, like any good financial index, reflects the same wear patterns and uncertainty
Curiously, today, during and after, of the news of the FED of the cut of its interest rates, BTC obtained the same behavior that in the financial markets, something to which we call a PUMP AND DUMP. Curious and interesting correlation.
We knew that sooner or later Bitcoin would begin to reflect more and more correlations with certain financial assets and it is right to think, feel and point out that since last year it had given certain clues.
I believe that this year will be even more marked and that this represents a good opportunity for traders if they know how to handle it well. But let's see what awaits me in my new analysis to Cryptocurrency.
If you still want to remain bullish with Bitcoin, the most important thing you should know is that the price in the short term will not continue to rise unless they are not above $ 8,950, at least, the upside operation before this level is dangerous and I do not recommend leaving operations without supervision.
On the downside, BTC should not fall back below $ 8,600, if so we would have a downward extension that It could lead us to $ 8,400 and hence reach $ 8,200–8,000 goals.
Attentive to your operations with Bitcoin and especially attentive to each of your entries, remember that the most important thing is the management of your capital and always enjoy what you are passionate about.
Analysis by Saul Cano of Trade and Hold for Cryptocurrency
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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of Cryptocurrency, and should not be attributed to, Cryptocurrency.
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