Bitcoin (BTC): How Deep is the Dip?
We have to be honest; this morning's slide in Bitcoin has a bit concerned. Bitcoin (BTC) futures (BTC1) are started to slip below a critical inflection point near 8500. 8500 is the location of a gap from back in June. 8500 seems to have acted as an important inflection point in Bitcoin's recent past.
We also notice that Bitcoin (BTC) is falling in conjunction with equities. This modest dual decline may because the meeting between Fed chairman Powell and President Trump did not produce expectation of lower rates, and hence a weaker U.S. Dollar. So, if Bitcoin (BTC) was looking for a bump off that meeting, it did not get it.
This price action doesn't change our research thesis that a Bitcoin (BTC) rally could be a 2020 phenomenon.
We also wanted to bring up a bit of history. We remember in 2017 that there was a massive move in Bitcoin (BTC) near the Thanksgiving holiday. We do think history can repeat. We hope that Bitcoin (BTC) has recovered a bit by Thanksgiving. The move in 2017 was in the direction of the uptrend, and we would not want to see Bitcoin (BTC) sinking into that holiday.
We also notice that Bitcoin (BTC) is falling in conjunction with equities. This modest dual decline may because the meeting between Fed chairman Powell and President Trump did not produce expectation of lower rates, and hence a weaker U.S. Dollar. So, if Bitcoin (BTC) was looking for a bump off that meeting, it did not get it.
This price action doesn't change our research thesis that a Bitcoin (BTC) rally could be a 2020 phenomenon.
We also wanted to bring up a bit of history. We remember in 2017 that there was a massive move in Bitcoin (BTC) near the Thanksgiving holiday. We do think history can repeat. We hope that Bitcoin (BTC) has recovered a bit by Thanksgiving. The move in 2017 was in the direction of the uptrend, and we would not want to see Bitcoin (BTC) sinking into that holiday.
