- Bitcoin initially fell off a cliff during the early hours on Monday, as we have seen a lot of fear out there due to tariffs being levied by the United States on both Canada and Mexico.
- Furthermore, they also levied tariffs on China, and therefore I think we’ve got a situation where we are going to continue to stay in the same consolidation area, based on the bounce that we had seen.
Technical Analysis
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Despite the fact that everything sold off the way it did, we also turned around and showed signs of life. In fact, the daily candlestick looks like it is going to be a massive hammer, and that is something that you simply must pay attention to. If we can break above the $100,000 level, then it’s likely that this market could go looking to the $108,000 level above. The area between $108,000 and $110,000 is an area that you need to pay close attention to, because we can never break out above that range, it will be fine that we are going to see the next leg higher, and therefore think you have a situation where we could really start to launch from there.
Keep in mind that the Bitcoin market is not detached from the financial markets like people thing. After all, we continue to see institutions pile into this market, and with the emergence of the Bitcoin ETF, the reality is that when there is a major “risk off event” like we have seen, Bitcoin gets crushed. However, we have seen a turnaround as the Mexicans are now sending 10,000 Mexican army troops to the border in order to stop the flow of fat now and are willing to forgo tariffs for at least 30 days. This is essentially bending the knee to Donald Trump, which was always going to happen anyway. Most Bitcoin traders solved the massive selloff as a buying opportunity, which is something that I did this morning.
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