Bitcoin jump for the post $7,000 mark just a day back was cut short. With the Bears clearly in charge of BTCUSD, it might be difficult to even stay above the $6.5k mark.
BTC technical indicators paint a dismal picture
Bitcoin’s fall should not come as a surprise to those who were analyzing the charts with an open mind. There were occasional spurts of Bulls being dominant at times; however, Bitcoin is in a Bear market for quite some time now.
BTCUSD Chart Published on TradingView.com
- The four-hour chart for BTCUSD shows that all the recent green candles have a tiny body, but large wick. It is important to note that even the high traded volume associated with the green candle couldn’t change the bearish trend.
- The large volume not able to change the trend for Bitcoin points to another important fact that market manipulators cause these abrupt increases in prices or quantities.
BTCUSD Chart Published on TradingView.com
- The daily chart shows that the 50 SMA line acted as a resistance level for BTCUSD. Bitcoin rebounded after testing the line on some occasions.
- Even the daily chart shows that the green candles are tiny, whereas the large red candles are pretty dominant.
Dow loses 1.86%, S&P 500 ends the day with a 2.2% decline
Investors are gulping the losses as the companies are releasing the Earnings reports. The losses, in most cases, turned out to be way more than one would have predicted.
- One of the top Fortune 500 companies, General Electric (GE) lost more than 6% by yesterday’s close.
- Bigshots such as 3M, Caterpillar, Cisco all lost more than 3% each.
Donald Trump announced that the US has decided to cut WHO’s funding. In the press meet, the President of the United States announced that a massive chunk of WHO’s funds comes from the US. He cited WHO to be China-biased.
The fight against the Coronavirus pandemic is far from over. Major Investment banks predict that even after the pandemic is over, it will at least take another quarter to revive the economy again.
