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Bitcoin Price Needs to Break Past $8,000!
In a recent TradingView analysis, cryptocurrency analyst Filb Filb drew attention to the importance of $8,000, a BTC price point which he stated has the “worst cluster of resistance seen since the bear market of 2018.”
Indeed, he noted that the following technical levels are currently situated at $8,000 (subject to change over the next few weeks):
- The 200-day moving average.
- The 100-day moving average.
- The 50-day moving average.
- The 20-month moving average.
- Bitcoin’s 61.8% Fibonacci Retracement of the February high to the $3,800 bottom.
- And the yearly pivot level.
The pertinent question remains — does Bitcoin (BTC) have the potential to clear $8,000?
Analysts, unfortunately, are divided about this question.
Per previous reports from NewsBTC, Bitcoin is in the midst of following the bump-and-run-reversal bottom schematic found in Thomas Bulkowski’s Encyclopedia of Chart Patterns.
As it stands, BTC is in the fourth phase of the BARR bottom, which should be followed by a surge past the phase one highs around $9,000 in the coming week or two, meaning the whole capitulation could be shortly reversed.
The thing is, there remains the overhead risk of traditional markets continuing to fall, which could depress Bitcoin.
As explained by Chris Burnisike, partner at Placeholder Capital:
This theory has been echoed by trader Cantering Clark, who remarked that the “moment equities s**t the bed again Bitcoin will follow,” explaining that the reality is some of the world’s “largest and most fundamentally important industries” are being adversely affected by the coronavirus outbreak, making it unlikely crypto will be spared.
China Is Drafting Laws for the Circulation of National Digital Currency Amid the coronavirus pandemic, China’s central bank has reportedly completed the basic development of the nation’s central bank digital currency.
The central bank is now drafting legislation for its circulation, according to local media.
A number of patents have revealed what the digital yuan will be like.
China’s central bank, the People’s Bank of China (PBOC), is reportedly closer to issuing its own digital currency, Chinese publication Global Times reported on Tuesday, citing an unnamed industry insider.
The central bank, in collaboration with private companies, “has completed development of the sovereign digital currency’s basic function and is now drafting relevant laws to pave the way for its circulation,” the publication detailed.
The insider elaborated: As more central banks around the world are cutting interest rates to zero or even entering negative territory to release liquidity into the market amid the coronavirus (covid-19) pandemic, China should accelerate the launch of its digital currency.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://www.tradingview.com/chart/BTCUSD/S1p3CQYW-Bitcoin-Death-Cross-but-is-that-it/
https://news.bitcoin.com/china-digital-currency/
https://www.newsbtc.com/2020/03/26/all-eyes-on-8000-why-bitcoin-needs-to-clear-this-crucial-level/