So please hit like now to show your support and allow me to entertain you for a few minutes...
Bitcoin Monthly Candles
Here we have Bitcoin on the monthly time frame and we want to keep it simple and simple it is:
First, we have Bitcoin trading above EMA10 for the first time since May 2018. Last year Bitcoin broke below EMA10 on this same month, now it is moving above it, changing the growth potential from (negative) to (positive).
Really good on CoinBase, the biggest bar we've seen since February 2018. There have only been more in November and December 2017, when Bitcoin had its bull run.
The looks good and allows for more growth, consolidation might be necessary but you never know how things are going to play out, keep reading below and you'll understand what I am talking about (stock market):
The is strong at 60.78 and it shows plenty of room available for growth. Bitcoin's has been seen as high as 96.32. Here is the chart:
Confidence Drops In The Stock Market
Let's take a look at the Dow Jones Industrial Average and the S&P 500 index in relation to Bitcoin and what effect on it its crash can have.
First, let's take a look at these charts, we can see both the DJI and SPX going down and gaining momentum, check below:
Dow Jones Industrial (DJI) Gaining Down Momentum
S&P 500 Continues To Drop
Both these indexes found a low on December 2018, together with Bitcoin , and they were fast to start moving back up reaching a peak on May 1st, 2019, see here the charts:
The SPX peaked and the DJI was already falling on May 1st
On the other hand, May 1st, 2019 Bitcoin started a massive run that increased its value by as much as 70.83%.
Bitcoin Accelerates May 1st
If the stock market continues going lower as the charts are saying and this same pattern repeats, we ought to see Bitcoin go much higher, in fact, we might be looking at money flying from the stock market to Bitcoin . Not because Bitcoin is a "safe haven" or great technology, maybe just to protect the value of their money in something that has a future... And, because Bitcoin can be their safe haven and it also is a new idea for money and has great technology.
Thanks a lot for reading.