Published
3 years ago on
June 25, 2020
Bitcoin is currently waiting to make the next big move as the price has bounced off a key S/R level and is now expected to remain within the symmetrical triangle for a while before the next decisive move. For now, the most probable scenario is that BTC/USD will make its next big move in tandem with the rest of the major financial markets i.e. the stock market and the forex market.
On the stock market front, we have seen the S&P 500 (SPX) make some moves and it has recently declined below the rising wedge but this is not enough. We need to see follow through before we decide to be overly bearish on Bitcoin. Meanwhile, the EUR/USD forex pair is also primed for decline and it is only a matter of time that we see it formally begin the next downtrend.
As aforementioned, these markets work in tandem and we are currently waiting on the stock and forex market to give Bitcoin the signal to begin the next big move. For now, it remains within the symmetrical triangle. The price of Gold (XAU/USD) has also shown signs of weakness but we have to see it break the uptrend. Soon as we see it do that, we can expect big movements in the cryptocurrency market as well which would present some very good opportunities to enter short positions on BTC/USD and ride it all the way down to $3k.
