2020 BTC Timeline - In-Depth Fundamental & Technicals Analysis

3 окт. 2020 г.

As a result of the Corona pandemic, the financial markets are experiencing a year of extremes. These include, as well as the speed of the price slump and the severity of the market fluctuations during the panic phase in March, the recovery rally that has lasted for two and a half months. Its extent is extremely impressive, and considered by many, terrifying. All of my explanations are clearly inputted in the chart above. Let's take a moment to dissect the current ups and downs of 2020:

Phase 1: Pre Corona Bullrun
Bitcoin was in the traditional bull market during the months prior and after 2020. There were no clear signs of retracement, including the indices and equities market.

Phase 2: Corona Crash
COVID 19 Pandemic, with a series of uneventful news. Global markets saw a crash, including Bitcoin's largest drop in it's history in a short timespan.

Phase 3 & 4: Recovery + Accumulation
1. Stimulus from the Fed and Congress
2. Expectations of a strong recovery
3. Dominance of Tech Stocks
4. Individual Investors outweigh the market
5. Momentum Trading

Phase 5 & 6: Uncertainty + Election Cycle & Post Cycle
Stock market makes a full blown new high, bringing Bitcoin to newer highs. All we can do is now assume and mix new educated guesses via technical analysis and current world fundamentals. Things to consider include the possible tech bubble, Trump testing positive for COVID-19, the election cycle. IT WILL BE A ROCKY RIDE.

Technicals:
1. Bitcoin has created a definitive top for the year 2020, and we still have yet to fill our CME gap near $9,700.
2. We are currently bouncing on the larger 236 fib level.
3. We are also trading in a tight region of the newly immediate fib level.

It is possible to revisit $11,000 levels, before re-visiting any lower levels. Current sentiment for Trump testing positive is NEUTRAL. The markets have reacted rather neutral. Bitcoin has dumped pre-market upon announcement, but has stuck to support.

Trade Safe!
X Force

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