Bitcoin Is On The Verge Of A Crash

Bitcoin has played out exactly as I had expected in my analyses on the Crypto Daily Charting Platform two days back. We saw a move towards $7k and now it is preparing for that next big crash. This is a crash that has been due for a long time now but BTC/USD could not make this decision on its own. This is why we saw that trading activity over the weekend was inconsequential and it did not change much. The price kept bouncing up and down within a tight range. However, now with the beginning of a new week, Bitcoin seems ready to make that big move.

We saw some indecisive moves at the beginning of the day but now that the S&P 500 (SPX) has started trading and has begun the day in red, we can expect that major decline in the cryptocurrency market provided that the stock market also moves lower. Recent attempts by President Trump to broker a deal between Saudi Arabia and Russia on OPEC Plus did nothing much to save WTI Crude Oil (USOIL) from losing most of its gains. We are now at a point where the oil market could once again trigger a major decline in other financial markets including the stock market and therefore the cryptocurrency market.

The near-term outlook of the cryptocurrency market remains extremely bearish. There is no reason at all to be optimistic at this point. The best option for most investors would be to sit on cash as the US Dollar has recently been performing really well. We can see on the weekly chart that the Dollar Currency Index (DXY) has a lot of room for growth and there will be an increasing demand for the US Dollar in the months ahead. The EUR/USD forex pair is also at a critical juncture and if declines again, we could see it fall below the 1.00 ratio. This is going to be a very exciting decade for financial markets and if the cryptocurrency market ends up completing its correction this year, then it might present some really good opportunities to accumulate for long term.