By Gojar - 04.03.2020
Why is bitcoin going up july 2020
Bitcoin, after a prolonged period of stability, has suddenly leaped higher—jumping central bank stimulus measures designed to prop up coronavirus-hit "There won't be as much money going into bitcoin while people try to. Increasing geopolitical tensions in far-east & Iraq & Iran and beyond could support the price as well as. Perhaps one driven force could be also global formula race.
This suggests that the market participants are currently viewing Bitcoin as a risky asset and are not treating it like digital gold. However, this could change quickly as https://magazinshow.site/2020/swift-demand-2020.html few weeks back, Bitcoin was nick education in tandem with gold.
Why is bitcoin going up july 2020 price technical analysis: weekly chart Mining 2020 android bitcoin four consecutive weeks of closing in the red, Bitcoin ended last week in the green as it rallied 2.
The price is getting squeezed between the downtrend line of the symmetrical triangle and the moving averages.
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Usually, every drop in volatility is followed by a sharp expansion. The longer the squeeze, the stronger the breakout will be.
However, it is difficult to predict which way the expansion will happen, hence, it is better to wait until then.
If that happens, it is likely to attract a lot of traders who are waiting on the sidelines, waiting for a trending move to start. A break below this support would why is bitcoin going up july 2020 a huge negative and could intensify selling.BITCOIN IS ABOUT TO EXPLODE! 2020 Could Create The Perfect Storm for Bitcoin's Price
A word of caution for the traders. Sometimes, the first breakout from why is bitcoin going up july 2020 tight ranges can be a fakeout, wherein, the price breaks out but then quickly retraces and breaks out in the opposite direction within a short time.
That catches a lot of aggressive traders off guard. Therefore, it is better to confirm the breakout before jumping in to buy or sell.
The Bitcoin price weekly analysis suggests that the volatility is likely to expand soon, which could throw why is bitcoin going up july 2020 trading opportunities.
Bitcoin price technical analysis: daily chart The daily chart is showing a clear balance between the bulls and the bears, as both moving averages are flat and the RSI is also near the midpoint.
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The charts are why why is bitcoin going up july 2020 bitcoin going up july continue reading giving any hints on which way the breakout will happen.
However, there are why is bitcoin going up july 2020 few key levels to keep an eye on, both on the upside as well as on the downside. Until then, the price action is likely to remain stuck in a tight range.
How to trade Bitcoin this week At times, the best trade is to not trade at all.
Attempting to trade a small range will only hit the stop-loss why is bitcoin going up july 2020 both directions as the price action will be random.
Therefore, traders can wait for a strong breakout or breakdown to happen before initiating a new position.
As the breakout is happening after a period of tight consolidation, the breakout might not pullback and offer entry opportunities. Hence, traders might have to make quick decisions and initiate the trade as soon as the breakout is confirmed.
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