The last time Bitcoin was over 10,000$ was on the first of February, two weeks later it is again over 10k ! This is something a lot of crypto enthusiasts have been waiting for and I believe for many these two weeks felt like 3 months. Overall today is another strong day for cryptocurrencies and global markets.
Global Markets
SPY is over 1% up and is approaching previous highs.
NASDAQ is over 1.6% up
AAPL is over 3.24% up
Emerging markets 1.75% up
The US Dollar continues to slide although the FED has confirmed it's aggressive stance on rate hikes. (which should be a good thing for USD)
As you can see S&P 500 has reclaimed every moving average after it bounced extremely aggressively off the 200 SMA (just like Bitcoin). Yesterday there was a bit of confusion after the inflation data came out, but that didn't stop the bulls in the end of the day.
Bitcoin
If you look at BTC's chart and S&P's chart for the last week they look pretty similar. Just like S&P 500, BTC has broken all the moving averages after it bounced very aggressively off the 200 SMA. What is even better is that it broke the descending trend line and it looks like confidence it Bitcoin is building up.
What's Next ?
- Ideally I would like to see some consolidation before we make a run for the 11,000$, that will give the bulls more strenght
- The next big resistance for Bitcoin is 10,600$ - 10,700$
- If we go down, support will be found at 8900-9000$
Conclusion
Overall it feels like things are goin back to normal, Bitcoin has broken above 10,000$ but at the moment it is below 10,000$ and we might see this many times before it brakes for real. Every time it is rejected, the bulls come back stronger until they finally break the barrier in a decisive manner.
The stock market looks very strong, I kind of didn't think that the recovery will be that fast... but what do I know !
I would be thrilled to know your view on the markets and your current investments and strategies. Thank you for reading !
