Bitcoin today correlates with gold. But that doesn't mean that Bitcoin is a defensive asset.
</strong>
Earlier I said (read ?? HERE ??) that Bitcoin took into account the stimulus package and certainty with the US elections in the price and that there are no investors ready to support growth by 15-16k. This was also evident in Open Interest.
Based on the fact that there are no fundamental factors capable of supporting the growth of Bitcoin yet, the correction that I was waiting for will continue and I expect the price to reach 12400. Why read 12400 again??HERE??.
When I wait for a correction, it doesn’t mean that I’m waiting for Bitcoin to collapse, it means that I’m waiting for a correction in the bullish trend, and I’m still waiting for new records for the first cryptocurrency in the first or second quarter of 2021.
On the hourly chart of Open Interest, along with the fall in price, there is also an increase in Open Interest, which so far suggests that the fall in price is likely to continue.
❗️If, SUDDENLY, an agreement on the economic package of measures in the United States is still possible, then Bitcoin will be able to go beyond 16k to 18k, but so far this scenario is unlikely.
Read this:
Trading signals! | Bitcoin – USD forecast
Trading signals! | Bitcoin grew by 7%. What to expect next? Forecast.
Trading signals! | Forex signals for 09/21/2020
Trading signals! | Bitcoin Long-Term Forecast
Bitcoin Forecast by ProfitStock
Trading signals! | What opportunity will Bitcoin offer today?