Increased tensions between President Trump and China over the coronavirus pandemic are threatening to complicate a recovery from the worst global economic downturn in decades.
Amid the coronavirus, the countries’relationship has hung over the market - In the past several months, US politicians proposed to delist Chinese companies from US stock exchanges with different criteria, and cap Americans’ exposure to the Chinese market. On Friday, China is once again attempting to assert authority over Hong Kong, sparking another bout of protests from concerned HK citizens. This seems to signal that previously easing tensions between the US and China will begin growing again, potentially having implications for the recently passed trade deal and the economy as a whole.
Tensions are rising again between U.S. and China may confirm the safe haven status of BTC and push its price rising.
What to Expect for Bitcoin Price?
- From the fundamental analysis:
In coincide with the bitcoin halving, lower supply with steady demand usually leads to higher price. The coming economic decoupling and a potential cold war between America and China, people are seeking a safe haven asset to preserve the valuation of their funds.
- From the technical analysis:
In the 4-hour chart, we can see Bitcoin’s price marching along the gradient of the ascending channel trendline by reaching higher lows. The price continues to meet resistance at the 20-day MA of the Bollinger Band indicator. In the MACD histogram has performed a uptrend movement. The RSI is also below the neutral zone (50), now hitting 45. In these situations, purchasing volume is the key signal to watch.
To conclude it, Bitcoin price may continue the consolidation movement between $9,000 and $9,900. It’s suggested to place short positions at around $9,700 and long positions around $9,100.
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