Bitcoin Is At A Key Decision Point 

Bitcoin started the day in green and shot past the key resistance level it had been struggling with to give traders the false idea that the market was about to flip bullish. However, what ended happening instead was that the price retraced even lower and is now trading in the red. So, what is going on? Well, we know now that the price has lost the bullish momentum to break past this strong resistance zone. It is also important to remember that the price could not do this even during the manipulated pump of October, 2019 which saw BTC/USD rally 43% in just two days. 

The last time BTC/USD declined below the 200-day moving average, we saw it fall to a new yearly low. The same is expected to happen this time but considering that many traders would already be aware of what happened the last time, the decline could be far more aggressive this time as everyone tries to get out of the market soon as possible. As always, those that buy into the FOMO would be left holding the bags. This time, it is the halving FOMO, previously it was the Bakkt FOMO. The events may change but the game is the same. The whales keep on preying on the retail traders. They keep giving them reasons to be long on the market for non-technical reasons. 

At the moment, the Dow Jones Industrial Average (DJI) has shown some signs of weakness. This could lead to an eventual correction but the probability of a crash i.e. a 2008-09 styled decline still appears to be quite low at this point. Even if Bernie Sanders were to win, we might see a correction and not a crash in my opinion. The stock market could still rally after the correction for a good 1-2 years before it all comes crashing down. Popular gold bugs have been calling for a crash for more than a decade now. We are due for a correction but the crash is not likely to be seen any time soon. WTI Crude Oil (USOIL) and the EUR/USD forex pair both signal a major decline near term which could be devastating for Bitcoin and the rest of the cryptocurrency market.