US benchmark indices the Dow Jones and the S&P 500 opened slightly higher than its previous close. BTCUSD is on a consolidation mode currently, after its much-‘hyped’ halvening.
Trade tensions between the US and China are on the rise. On top of that, there is the fear of a second wave of the Coronavirus infection. These factors cumulatively continue to impact the financial markets adversely.
Technical indicators still show no bullish sign for BTCUSD
Source: TradingView.com
The four-hour timeframe for BTC shows the consolidation of Bitcoin. Prices did not make any significant movements even after the halving yesterday. The volume buzzers on the chart are still the ones that experienced massive sell-offs.
The MACD indicator, however, hints at a possible crossover. But since the MACD is a lagging indicator, this might not be the appropriate tool for assuming a bullish move.
Bitcoin is currently moving in a consolidated territory. The day’s range has shrunk with BTCUSD ranging between $8,534.97 — $8,894.72. If Bitcoin manages to break out from this zone, the resistance lies at $9,157.12, while the support lies at $8,299.52.
BTCUSD investors would be looking at the equity markets for direction
The sentiments among Bitcoin investors seem to be indecisive at the moment. The US is in constant talks with Saudi Arabia for the production cuts of Crude Oil. If that goes through successfully, it would be a great step towards the economic revival. Once the factories resume production activities, a lot of people would get their jobs back.
The revival of the economy would massively boost investor confidence. BTCUSD investors are more likely to make investments once they realize that the economy is coming back on the tracks.
